FINRA Suspends Walter Parker For Unsuitable Investments

Broker Walter Parker (CRD #2131232) is a former registered broker and investment advisor last employed with Titan Securities, Inc. (CRD #131392) of Rowlett, TX. His previous employers include ING Financial Partners, Inc. (CRD #2882) of Wylie, TX, Locust Street Securities, Inc. (CRD #1703) of Des Moines, IA, and BMA Financial Services, Inc. (CRD #7943) of Kansas City, MO. No current employment information is available. Parker has been in the industry since 1991.

FINRA recently suspended Parker for one month, and fined him $7,500 related to his activities with a client’s accounts. Parker made a number of recommendations to a client that she immediately begin investing in “alternative investments.” This client had very little prior investing experience, particularly with alternative investments. She was 64 at the time the account was opened. He recommended that she invest $290,000 into four of these illiquid alternative investments from her retirement accounts, all REITs.

These investments concentrated a large percentage of her net worth into these illiquid alternative investments, and were totally unsuitable for the client’s investment objectives. Unfortunately, the client suffered significant losses from all four of these REITs, requiring her to seek and obtain fulltime employment in 2016.

As part of the conditions of his FINRA disciplinary process, and without admitting or denying any findings, Parker signed a letter of Acceptance, Waiver & Consent (AWC) on 2/5/18, and agreed to the sanctions and fine.

Parker’s second disclosure is a customer dispute filed on 11/17/2017, related to his suspension, and is currently listed as “pending.” The client is requesting damages of $54,328.54. According to Parker’s AWC, the client has agreed to a settlement with Parker and with Titan Securities to compensate her for the losses she suffered.

One additional customer dispute is still listed as “pending,” filed on 10/11/2017, with the only allegation as “suitability.” The client is requesting damages of $300,000. No additional information is available. There are five additional customer disputes, four of which are “settled” and the fifth was closed with no action.

Have You Invested Money With Walter Parker?

The Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida, and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about your investments or how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe legal fees until we recover your money for you. Contact us today and let us know how we can help.