Walter Morrow Allen, Formerly of Cetera Advisors, Barred by FINRA Following Refusal to Provide Information

FINRA initiated an investigation into Morrow following allegations of unauthorized trading.

Walter Morrow Allen (CRD#: 1344149) was registered as a broker with Cetera Advisors from 2016 until 2020. Previously, Allen was registered as a broker with Investors Capital Corp. from 2015 until 2016.

Allen has three disclosures on his BrokerCheck report. 

August 2021 Regulatory Judgment

• Status: Final
• Initiated By: FINRA
• Allegations: Without admitting or denying the findings, Allen consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The finding stated that Allen’s member firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that he had executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures.
• Resolution: Acceptance, Waiver & Consent (AWC)
• Sanctions: Bar
• Registration Capacities Affected: All Capacities
• Duration: Indefinite
• Start Date: 8/4/2021

April 2020 Employment Separation After Allegations

• Firm Name: Cetera Advisors
• Termination Type: Discharged
• Allegations: The advisor was terminated after the firm discovered the advisor executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures.

October 2003 Employment Separation After Allegations

• Firm Name: Ryan Beck & Co.
• Termination Type: Permitted to Resign
• Allegations: Firm conducted internal review regarding violation of firm’s conflict of interest policy in its code of conduct and policy regarding the handling of a client’s account upon death, without appropriate testamentary instructions and documentation.
• Broker Comment: 14 (1) (A) Answered yes in error.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Walter Morrow Allen. 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.