Initiated By
FINRA
Allegations
FINRA RULES 2010, 2150(A), 8210, NASD RULES 2110, 2330(A) - VICKI PERCHINSKE SUBMITTED A REQUEST TO A MUTUAL FUND COMPANY TO LIQUIDATE A CUSTOMER'S MUTUAL FUND; THE COMPANY ISSUED A $54,948.21 CHECK TO A BANK FOR THE BENEFIT OF THE CUSTOMER, ATTENTION OF PERCHINSKE. THE CHECK WAS CASHED AND THE PROCEEDS WERE USED TO PURCHASE A CASHIER'S CHECK WHICH WAS MADE PAYABLE TO A DIFFERENT BANK AND DEPOSITED IN PERCHINSKE'S PERSONAL ACCOUNT AT THAT BANK, WITHOUT THE CUSTOMER'S AUTHORIZATION. PERCHINSKE REQUESTED AN INSURANCE COMPANY REDEEM A CUSTOMER'S FIXED ANNUITY WHICH ISSUED A $20,067.68 CHECK TO A BANK. THE CHECK WAS CASHED AND THE PROCEEDS USED TO PURCHASE A CASHIER'S CHECK WHICH WAS MADE PAYABLE TO PERCHINSKE'S PERSONAL BANK AND DEPOSITED INTO HER PERSONAL BANK ACCOUNT, WITHOUT THE AUTHORIZATION OF THE CUSTOMER. A $35,000 CASH WITHDRAWAL WAS MADE FROM THE CUSTOMER'S SAVINGS ACCOUNT AT A BANK AND THE PROCEEDS DEPOSITED IN PERCHINSKE'S BANK ACCOUNT, WITHOUT THE CUSTOMER'S AUTHORIZATION. PERCHINSKE SUBMITTED A WITHDRAWAL REQUEST IN ANOTHER CUSTOMER'S NAME TO A MUTUAL FUND WHICH ISSUED CHECKS TOTALING $16,394.44 TO A BANK. PERCHINSKE SUBMITTED A REDEMPTION REQUEST IN THE CUSTOMER'S NAME FOR A FIXED ANNUITY TO THE CUSTOMER'S INSURANCE COMPANY WHICH ISSUED A $13,288.84 CHECK PAYABLE TO THE CUSTOMER TO THE BANK. A CASHIER'S CHECK FOR $29,683.28 PAYABLE TO PERCHINSKE'S PERSONAL BANK WAS PURCHASED FROM THE MUTUAL FUND AND ANNUITY PROCEEDS THAT WERE DEPOSITED IN PERCHINSKE'S BANK ACCOUNT. WITHDRAWALS TOTALING $20,923.46 WERE MADE FROM THE CUSTOMER'S FIXED ANNUITY, CHECKS ISSUED TO A BANK, PAYABLE TO THE CUSTOMER, WHICH USED THE PROCEEDS TO PURCHASE CASHIER'S CHECKS WHICH WERE DEPOSITED IN PERCHINSKE'S PERSONAL BANK ACCOUNT, WITHOUT THE CUSTOMER'S AUTHORIZATION. WITHDRAWALS TOTALING $29,686 WERE MADE FROM ANOTHER CUSTOMER'S SAVINGS ACCOUNT AT A BANK AND USED TO PURCHASE CASHIER'S CHECKS WHICH WERE DEPOSITED IN PERCHINSKE'S PERSONAL ACCOUNT AT ANOTHER BANK. PROCEEDS FROM REDEMPTION REQUESTS FOR THE CUSTOMER'S FIXED ANNUITIES TOTALING $45,823.78 WERE DEPOSITED INTO THE CUSTOMER'S SAVINGS ACCOUNT AND AN $8,000 COUNTER CHECK DRAWN FROM THE CUSTOMER'S CHECKING ACCOUNT WAS DEPOSITED INTO HIS SAVINGS ACCOUNT; ALL THREE DEPOSITS TOTALING APPROXIMATELY $53,823.78 WERE WITHDRAWN FROM THE SAVINGS ACCOUNT AND USED TO PURCHASE A CASHIER'S CHECK WHICH WAS DEPOSITED IN PERCHINSKE'S ACCOUNT. THE CUSTOMER DID NOT AUTHORIZE THE WITHDRAWALS, REDEMPTION REQUESTS NOR THE DEPOSITING OF THE PROCEEDS INTO PERCHINSKE'S ACCOUNT. WITHDRAWALS TOTALING $186,288.30 WERE MADE FROM ANOTHER CUSTOMER'S ACCOUNT AT A BANK AND THE PROCEEDS USED TO PURCHASE CASHIER'S CHECKS WHICH WERE DEPOSITED INTO PERCHINSKE'S PERSONAL BANK ACCOUNT, WITHOUT THE CUSTOMER'S AUTHORIZATION. PERCHINSKE CONVERTED APPROXIMATELY A TOTAL OF $430,420.71 FROM THE CUSTOMERS' ACCOUNTS. PERCHINSKE FAILED TO RESPOND TO FINRA REQUESTS TO APPEAR FOR TESTIMONY.
Resolution
Decision
Bar
Bar (Permanent)
Registration Capacities Affected
All Capacities
Duration
Indefinite
Start Date
1/5/2012
Sanctions
Civil and Administrative Penalty(ies)/Fine(s)
Amount
$430,420.71
Regulator Statement
DEFAULT DECISION RENDERED DECEMBER 8, 2011 WHEREIN PERCHINSKE IS FINED $430,420.71, REPRESENTING THE TOTAL AMOUNT OF ILL-GOTTEN GAIN SHE DERIVED FROM HER CONVERSION OF CUSTOMER FUNDS, AND BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY. DECISION IS FINAL JANUARY 5, 2012.
