Louis Cook, Formerly of National Planning Corp., Barred by FINRA for Making Intentional Misrepresentations to Customers

Cook allegedly made intentional misrepresentations regarding the Department of Labor’s fiduciary rule.

The Sonn Law Group is investigating allegations that Louis Cook made intentional misrepresentations to clients. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Louis Cook (CRD#: 2469412) has been in the financial industry since 1995. Most recently, he was employed by Securities Service Network in Knoxville, TN from November 2017 until March 2018. Previously, he was employed by National Planning Corp. in Staten Island, NY from November 2009 until November 2017. 

In March 2020, Cook consented to the sanction of a bar by FINRA and to the entry of findings that he  made intentional misrepresentations to customers of his member firm that induced them to sign third-party authorization forms. 

The findings stated that the third party authorization form permitted the customers to designate Cook to make changes and/or withdraw funds from the policy value of their variable annuity to pay advisory fees. Many of these customers were elderly investors or the parents of developmentally disabled children, who Cook had met through his approved outside business activity.

Cook made a number of intentional misrepresentations in the letters, including that the third-party authorization forms were needed for him to continue to service the customers’ variable annuity policies and that the forms were triggered by the Department of Labor’s fiduciary rule. 

The findings also stated that Cook improperly used funds from his customers’ variable annuities for his own personal use. Relying upon Cook’s misrepresentations, the customers signed the third party authorization forms, which Cook subsequently used to withdraw more than $150,000 from their variable annuity accounts. The customers did not intend to authorize Cook to withdraw funds from their variable annuities for his own personal use.

Cook has one customer dispute on his BrokerCheck report. The dispute was brought in February 2018. The customer alleged that fees were debited from a variable annuity without proper disclosure. The matter was settled for $47,498. 

Contact Us Today

The Sonn Law Group is currently investigating allegations that Louis Cook made intentional misrepresentations to clients. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.