JOANN JACKSON (CRD# 2246952) a 63 year-old investment advisor from Coeur d'Alene, Idaho, pled guilty to wire fraud last week in federal court. Allegedly, Jackson misappropriated over $800,000 from her client's account.
The alleged victim had placed all of her investment accounts with Jackson. Jackson has worked as a stockbroker since 1994, and had become close friends with the victim over the years. When Jackson became a broker with Moloney Securities in Idaho, the victim transferred her accounts to Moloney Securities with Jackson.
Jackson opened an account with Moloney Securities in 2007 in her daughter's name without her daughter's knowledge. Jackson had told her daughter in 2008 that because of problems she could not have an account in her own name. Jackson began depositing what her daughter thought were paychecks into the daughter's local bank account, when in fact, this was money stolen from her client's Moloney Security account.
Allegedly, the stolen money was first moved to Jackson's daughter's Moloney account, then it was transferred by wire to her daughter's local bank account. Jackson used this stolen money to pay her bills or withdraw the cash for her own use. Jackson also forged checks on the victim's Moloney Security account and deposited them directly into her daughter's account.
Jackson pled guilty to two counts of wire fraud, which carries 20 years in prison and a maximum fine of $250,000. She has agreed to make restitution of $811,084.
According to FINRA's BrokerCheck, Joann Jackson was previously registered with the following securities firm(s):
07/2004 - 10/2013 MOLONEY SECURITIES CO., INC. (CRD# 38535) - COUER D' ALENE, ID
11/1997 - 07/2004 A. G. EDWARDS & SONS, INC. (CRD# 4) - ST. LOUIS, MO
04/1994 - 11/1997 D.A. DAVIDSON & CO. (CRD# 199) - GREAT FALLS, MT
Soreide Law Group represents our clients nationwide in arbitrations before FINRA. For a free consultation on how to potentially recover your investment losses due to your broker/financial advisor's misappropriation of your funds call: 888-760-6552.
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