Securities Arbitration Lawyer Blog
FINRA’s Department of Enforcement has filed a Complaint against former Allstate Financial Services, LLC broker Elizabeth Ann Sollars for failing to provide information and documents and for failing to appear and provide testimony to FINRA pursuant to FINRA Rule 8210.
FINRA requested the information in connection with its investigation into allegations that Sollars misappropriated insurance customer premium payments while registered with her firm.
The Complaint was filed on June 7, 2021.
If you have lost money with Elizabeth Ann Sollars, or Allstate Financial Services, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Disciplinary Proceeding No. 2020065292102
FINRA’s Enforcement Complaint indicates that on January 10, 2020, Allstate Financial Services, LLC filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) stating that it had terminated Sollars’ employment “after allegations by parent property & casualty insurance company of misappropriation of insurance premiums.”
FINRA sent Sollars two requests for information pursuant to FINRA Rule 8210 concerning the allegations in the Form U5. Sollars did not respond to either request. In response to Sollars’ initial failure to produce the information requested, FINRA staff initiated an expedited proceeding against Sollars pursuant to FINRA Rule 9552.
On March 27, 2020, FINRA staff sent Sollars a Notice of Suspension Letter pursuant to FINRA Rule 9552, informing Sollars that she would be suspended unless she provided the requested information on or before April 20, 2020.
On April 20, 2020, following the Notice of Suspension Letter, Sollars wrote a letter to FINRA staff responding to the outstanding 8210 requests and denying that she misappropriated any funds. Based on her letter, FINRA withdrew the Notice of Suspension.
On February 23, 2021, as part of its investigation into whether Sollars had misappropriated insurance customer premium payments as set forth in the Form U5, FINRA sent Sollars a new request for documents and information, which sought (i) a list of all bank and brokerage accounts in which she had a financial interest during the period of August 1, 2019, through December 31, 2019, and (2) copies of all account statements for each such account during the same period.
Sollars failed to provide information and documents and failed to appear and provide testimony. As a result, Sollars violated FINRA Rules 8210 and 2010.
Elizabeth Ann Sollars (CRD#: 6606776)
Sollars has two years of experience in the securities industry and was registered as a broker with Allstate Financial Services, LLC in Terre Haute, IN, between June 2017 and January 2020.
Supervisory Duties
Brokerage firms like Allstate Financial Services, LLC must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Elizabeth Ann Sollars, or Allstate Financial Services, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.