Finra bars former NY Life broker over unauthorized annuity signature

Craig Walker was permitted to resign after 79-year-old customer complained.
MAY 01, 2018

The Financial Industry Regulatory Authority Inc. has barred Craig Walker, a former broker with New York Life Securities, for having signed a 79-year-old customer's signature on an unauthorized application for a $150,000 fixed annuity. Mr. Walker, who was permitted to resign from the firm in May 2017 after the customer filed a complaint, also signed the customer's signature on related forms, including instructions to move the customer's IRA account at a brokerage firm to New York Life to fund the annuity purchase. A resident of Ridgeland, Miss., Mr. Walker joined New York Life in 2008. Finra's letter of acceptance, waiver and consent said that in November 2017, Mr. Walker entered into a consent order with Mississippi insurance regulators, agreeing to be placed on probation for one year and to pay a $500 fine in connection with the same charges.

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