A former broker was suspended by the Financial Industry Regulatory Authority for impersonating a deceased relative during a phone call with her firm, according to ThinkAdvisor.
The case involved Kimberly E. Nuessman, who was a registered representative and broker for Securities America, an affiliate of the Advisor Group. The actions that led to the suspension occurred in December 2021, when Nuessmann submitted a distribution request to Securities America in an attempt to transfer the proceeds of her deceased relative’s individual retirement account to an account controlled by two of Nuessmann’s other relatives. Securities America was not aware that the client was dead, according to FINRA.
Several days later, a Securities America employee tried to verify the distribution request by calling the relative. It is alleged that Nuessmann answered the call, claimed to be the client and verified the request.
The employee subsequently learned that the relative had passed away and called another representative who handled the account for verification. FINRA said Nuessmann claimed that the customer was not dead but Securities America eventually learned the truth and canceled the distribution.
Nuessmann was then terminated by the firm, which stated on her Form U5 that she had been fired over her failure to disclose accurate information about the relative during an inquiry from the home office.
Last month, Nuessmann signed FINRA’s letter of acceptance, waiver and consent. She did not admit or deny the regulator’s findings, but consented to be suspended from associating with any FINRA member in all capacities for 30 days and a fine of $5,000.
She was found to have been in violation of FINRA Rule 2010, requiring members to observe high standards of commercial honor and just and equitable principles of trade.
The attorneys at Lewitas Hyman have decades of experience dealing with securities fraud cases and have a deep understanding of how capital markets and financial service firms are intended to work to protect investors. We bring a unique level of knowledge and experience when representing the rights of investors, including resolving cases through arbitration and litigation when necessary.
If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Lewitas Hyman at (844) 651-2641 or through our online contact form for a no-cost evaluation of your matter.