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Ian Pierce Barred By FINRA Following Conversion Allegations

Mar 25, 2022 Barred Broker

Ian Pierce (CRD #:6205487), a formerly registered broker, was recently barred by FINRA, according to his BrokerCheck record, accessed on March 22, 2022. 

FINRA Bar

FINRA initiated the bar on February 23, 2022. This bar stems from allegations that in April and May 2019, Ian Pierce converted $2,885 from one of his insurance customers at Northwestern Mutual Investment Services.

Ian Pierce allegedly arranged loans to be taken against the customer’s insurance policy. Once the loans were deposited in the customer’s account, he allegedly instructed the customer to transfer the proceeds to his personal bank account and reportedly stated he would re-apply the funds to the customer's insurance policy. However, after the customer transferred the funds, he allegedly did not re-apply the funds to the customer's insurance policy but instead spent the money on personal purchases. 

The allegations further allege that between 2018 and 2020, Ian Pierce allegedly misrepresented the status of the client's insurance policies, and told the customer she no longer needed to pay premiums for her policy. As a result, the premiums were paid by automatic loans. By 2020, the customer allegedly owed $6,500 on that policy. He allegedly emailed the customer falsified records of fictitious premium payments and account balances. 

You can read a copy of the FINRA bar here

FINRA Rule 2010 and 2020

Misappropriation of funds violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

Resignation Details

On February 28, 2020, Ian Pierce was permitted to resign from his position at Northwestern Mutual Investment Services after a customer alleged that Ian Pierce took loans from her permanent life insurance policy and transferred them to his bank account without her consent.

Background Information

Ian Pierce has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

Besides Northwestern Mutual Investment Services, Ian Pierce has not worked with any other firm.

Kurta Law Can Help 

If you have been victimized by Ian Pierce as a broker, don't hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.