Ex-Ameriprise Adviser Susan Walker Reportedly Used Client Funds for Victoria’s Secret Duds and Donation to Her Local Catholic Church
Susan 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 Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Susan E. Walker
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