Santander Securities, LLC Broker Joan Marie Larsen Is Permanently Barred by FINRA
Career-ending move involves reports of accepting a loan from an elderly customer
New Jersey-based broker Joan Marie Larsen’s financial industry career is over after she was reported to have accepted a loan from an elderly customer.
In this case, Larsen allegedly accepted a $50,000 interest-free personal loan from an elderly client who was not an immediate family member. An investigation by the Financial Industry Regulatory Authority (FINRA) found that “Larsen’s member firm did not have written procedures permitting such a loan.” In addition, Larsen only paid $3,000 on the loan, leaving $47,000 still due to the customer.
When asked to appear before FINRA and provide on-the-record testimony regarding this matter, Larsen refused. As a result, FINRA permanently barred Larsen from acting as a broker or otherwise associating with firms that sell securities to the public.
Prior to her employment with Santander Securities, LLC in Freehold, NJ from 07/25/2016 to 02/06/2017, Larsen was employed with Cetera Investment Services LLC in Stroudsburg, PA from 07/11/2002 to 07/08/2015.
These allegations could represent elder financial fraud if the client didn’t understand the terms of the loan or have the capacity to consent. Financial institutions and their representatives are tasked with identifying elderly or vulnerable customers who may be at risk of being taken advantage of by outsiders, family members, and yes, financial advisors and brokers.
Investors who have suffered financial loss at the hands of a financial advisor or broker may potentially recover some or all of their losses through securities arbitration or other legal means.
Silver Law Group’s attorneys are well versed in helping recover funds for senior investors who have fallen victim to investment fraud. We never charge for a consultation and we are happy to talk privately with someone about his or her personal financial situation – and we’d be happy to visit you in your home. Since we are a contingency-based firm, there is no fee unless we recover money on your behalf.
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