Jodie Ann LaMarre formerly with Janney Montgomery Scott of Sarasota, Florida Suspended by FINRA

Florida-based Soreide Law Group obtained the following on from FINRA’s April 2018 Disciplinary Report on Florida broker:
JODIE ANN LAMARRE (JODIE ANN GINGERICH, JODIE ANN LAMARRE MS) (CRD #2127928, Sarasota, Florida)
LaMarre was assessed a deferred fine of $10,000 and suspended by FINRA for one year for allegedly recommending an unsuitable strategy involving the consolidation of all of an elderly client’s assets in a single taxable account without regard to the fact that several of these assets were in tax-deferred accounts or investment vehicles.
FINRA’s findings stated that Jodie Ann LaMarre failed to give adequate consideration to the significant losses her client would incur as a result of the tax consequences of this recommendation. LaMarre did not have a reasonable basis to believe that the recommended strategy was suitable for the client’s investment profile. The client had a total net worth of less than $200,000 and was living on a fixed income. As a senior living on a fixed income, she had relatively low reportable income on her federal tax return, and avoiding the payment of unnecessary federal income taxes was critically important to her long-term financial stability. LaMarre was aware of and understood these negative tax consequences as a result of her review of disclosure paperwork, and also understood in each instance that other options were available that would have eliminated or reduced these consequences.
According to FINRA, Jodie Ann LaMarre’s unsuitable recommendation resulted in unnecessary tax liability of more than $33,000. The substantial spike in the client’s taxable income for 2014 resulted in a reduction of her 2016 social security benefit by $264.80 a month.
FINRA’s findings also stated that LaMarre allegedly made a false statement on disclosure paperwork with the intention to conceal her role in recommending that another client directly contact his variable annuities providers to make substantial cash withdrawals, even though the client held both variable annuities in her member firm’s accounts.
FINRA alleges that Jodie Ann LaMarre also made false and/or misleading statements to her firm, and to FINRA, about her role in the transactions. LaMarre had played the integral role in persuading her long-standing client to make the substantial withdrawals from his variable annuities independently and without the firm’s supervision and oversight.
LaMarre provided instructions to the client on how to make the withdrawals, and provided him with phone numbers and policy numbers. LaMarre’s instructions to the client were contrary to the firm’s WSPs, which require that all variable annuity withdrawals must include the completion of disclosure paperwork and be executed through its annuity and insurance operations department. After LaMarre realized that she made a mistake by orchestrating these withdrawals away from the firm’s oversight and supervision, she completed withdrawal paperwork after the fact and included a false statement on that paperwork. The client complained to LaMarre about her recommendation and the negative impact it would have on his financial situation. In violation of the firm’s WSPs, LaMarre did not report the client’s complaint to management or compliance at the firm.
The suspension is in effect from March 5, 2018, through March 4, 2019.
(FINRA Case #2015046052701)
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Jodie Ann LaMarre, has 3 Disclosures on her report, 2 which are Customer Disputes. She has been in the securities industry for 25 years and was listed with 6 firms, the 2 most recent listed below:
02/04/2015 - 11/01/2017 JANNEY MONTGOMERY SCOTT LLC - SARASOTA, FL
07/11/2008 - 02/12/2015 ROBERT W. BAIRD &CO. INC - SARASOTA, FL
If you experienced losses due to the actions or recommendations of Jodie Ann LaMarre formerly with Janney Montgomery Scott of Sarasota, Florida, call Soreide Law Group based in Florida, and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationally before FINRA. No fee to you if no recovery.
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