Former Ameriprise advisor, Susan Walker, has been sentenced to 88 months in prison for mail fraud and tax evasion.

Walker was a registered representative with Ameriprise Financial in Minnesota 2008 to 2013.

According to the Securities and Exchange Commission’s, Ms. Walker’s guilty plea and court filings indicated that during her time at Ameriprise she allegedly opened brokerage accounts in her name and several of her client’s names without their authorization or knowledge. Ms. Walker thenpurportedly made withdrawals from retirement accounts belonging to at least 24 clients and concealed the money in the brokerage accounts she opened. More than $1.1 million was allegedly drained from the retirement accounts.

In addition, Ms. Walker apparently failed to report the money she fraudulently obtained on her tax returns, which resulted in a $325,000 tax loss.

Ms. Walker also allegedly used the money for her own personal use and to finance a lavish lifestyle. Some of the money was purportedly used to cover her rent and Lexus car payments. She also allegedly used the money for private school tuition payments and for multiple vacations including a cruise.

According to the SEC, “In a release, assistant U.S. attorney Timothy Rank said that Walker’s victims would likely never be made financially whole again. However, court documents did note that Ameriprise reimbursed all 24 victims at the time of Walker’s guilty plea.”

The foregoing information, which is publicly available here, is being provided by The White Law Group.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

If you’ve suffered significant investment losses in your brokerage account and would like discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.

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