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Shannon Lewis Has Received a FINRA Sanction


Shannon Lewis

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on January 19, 2018 indicate that former Iowa-based State Farm VP Management Corporation broker/adviser Shannon Lewis has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ms. Lewis (CRD# 3146798).

Shannon Lewis has spent 15 years in the securities industry and was most recently registered with State Farm VP Management Corporation in Muscatine, Iowa (2003-2016). Previous registrations include Locust Street Securities in Des Moines, Iowa (2003) and Walnut Street Securities in El Segundo, California (2001-2003). She has passed their securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which she obtained on March 26, 2001; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which she obtained on March 26, 2001; and Series 3 (National Commodity Futures Examination), which she obtained on November 9, 1998. She is currently not registered with any state or firm.

According to her BrokerCheck report, Shannon Lewis has received one FINRA sanction and was recently discharged from her former employer in connection to alleged rule violations.

In December 2017 FINRA sanctioned her following allegations she “executed $1,074,199 in securities transactions involving nine customers’ outside retirement accounts, without providing notification in writing or orally to her member farm or the executing firms prior to the execution of these transactions.” FINRA’s findings noted that her customer had given her discretionary authority and allowed her to access their online accounts run by other member firms. She allegedly “rebalanced these customers’ retirement accounts” administered by outside firms, purchasing and selling mutual fund groups. FINRA also found that she failed to disclose these outside transactions in annual compliance questionnaires. She was issued a fine of $7,500 and a six-month suspension from associating with any FINRA member in all capacities.

In May 2016 she was terminated from her position at State Farm VP Management after the firm was “informed of alleged activities” that raised concern about her compliance with the firm’s “Information Security Policy, client file documentation procedures and communications with the public.”

If you have lost money investing with Shannon Lewis, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.