Rep used DOL rule as cover to take $150,000 from VAs: Finra

March 11, 2020 by Emile Hallez

A Staten Island, N.Y.-based registered rep who allegedly bilked $150,000 from elderly clients and parents of children with disabilities was barred this week by Finra.

Louis Cook, who was associated with National Planning Corp. and the Securities Service Network, allegedly used the Department of Labor’s now-defunct fiduciary rule as a ploy to get 11 clients to authorize him to take withdrawals from variable annuities he sold to them, according to a settlement order posted Monday by the Financial Industry Regulatory Authority Inc.

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Originally Posted at InvestmentNews on March 4, 2020 by Emile Hallez.