Ex-Ameriprise Adviser Susan Walker Reportedly Used Client Funds for Victoria’s Secret Duds and Donation to Her Local Catholic Church

New York investor rights attorneysSusan E. Walker, of Plymouth, Minnesota, reportedly siphoned funds from elderly clients in order to finance a peculiar spending spree which included Victoria’s Secret, Caribbean cruises, salon visits, and donations to a local Catholic Church, the U.S. attorney’s office alleges. Earlier this week Susan E. Walker, 50, pleaded guilty in U.S. District Court in Minneapolis to abusing her position as a registered securities agent and financial adviser, wherein, between 2008 and 2013, she allegedly stole nearly $1 million from at least 24 victims. The charges also reportedly included one count of mail fraud and one count of tax evasion. Walker potentially faces up to 25 years in prison, according to federal statutes.

Susan Walker Opened Client Accounts Without Permission

Walker, who had been working at Ameriprise’s branch office in Wayzata, Minnesota, opened investment accounts in her own name, and in the names of several clients without their consent or permission. Walker then withdrew money from clients’ brokerage and retirement accounts, and deposited said cash into the accounts she controlled, according to the U.S. attorney’s statement.

Susan Walker Reportedly Was in Cahoots With Her Mother, Barbara J. Stark

Walker had also had a working partnership with her mother, Barbara J. Stark, from October 2008 until March 2013. At the end of this period the mother-daughter duo were given the sack by the firm, according to an April order from the Office of Administrative Hearings for the Minnesota Department of Commerce.

Investment Fraud Lawyers Investigating

The Peiffer Wolf Carr & Kane securities attorneys often represent investors who lose money as a result of investment fraud, or stockbroker misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

Broker: Susan E. Walker

Status: INVESTIGATED by Peiffer Rosca.

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Peiffer Wolf (1249 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.