Stephenie Collins Barred by FINRA
Stephenie Collins (CRD #: 5903192), a broker formerly registered with State Farm VP Management Corporation, has been barred by FINRA, according to her BrokerCheck record, accessed on May 17, 2023. If you want to know more about her alleged conduct as a broker, keep reading.
Bar by FINRA
On April 13, 2023, Stephenie Collins consented to the entry of findings that she allegedly converted client premium payments for her personal use and benefit from June through December 2022.
According to a Letter of Acceptance, Waiver & Consent (AWC), Stephenie Collins allegedly sold insurance products through State Farm’s insurance affiliate, SFMAIC, during this period. SFMAIC allegedly required insurance agents to maintain a premium fund account, a bank account into which customers’ premium payments would be deposited.
The AWC alleges that Stephenie Collins converted more than $13,000 from the customer premium fund account in her name by improperly withholding funds that should have been deposited into the account. She allegedly also created inaccurate deposit records.
The AWC concludes that these allegations constitute violations of FINRA Rule 2010.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Stephenie Collins was permanently barred by FINRA on April 13, 2023.
You can read a copy of the AWC here.
Resignation from State Farm VP Management Corporation
On February 17, 2023, Stephenie Collins was permitted to resign from State Farm VP Management Corporation after an internal review allegedly found that she failed to follow internal Premium Fund Account procedures.
Stephenie Collins 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
She previously worked for State Farm VP Management Corporation (CRD#:43036).
Kurta Law Can Help
If you worked with Stephenie Collins and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.