Theft and Unauthorized Activity FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

February, 2012:

Maureen Ann Burke (CRD #1323987, Registered Rep., Chelsea, Massachusetts) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Burke consented to the described sanction and to the entry of findings that as a senior claims analyst at her member firm’s affiliate, she was responsible for, among other things, processing surrenders, loans, and dividend withdrawals on non-variable life insurance policies. The findings stated that Burke processed numerous unauthorized surrenders, loans and dividend withdrawals on life insurance policies, totaling approximately $18,208, without the knowledge or permission of her firm’s affiliate.  Her firm’s affiliate owned the policies because the original policy owners abandoned the policies and Burke then caused the funds from the unauthorized transactions to be wire transferred to a bank account over which she had access and control, without the knowledge or permission of her firm’s affiliate. The findings also stated that Burke processed a $240 unauthorized disbursement in a customer’s life insurance policy without the customer’s knowledge or permission, and caused the funds to be wire-transferred to the bank account, which Burke’s relative owned, and to which she had access and control, without the customer’s knowledge or permission. (FINRA Case #2010024265301).