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Former Ameriprise Advisor Receives 88-Month Prison Sentence, $1M Fine

Susan Walker will serve seven years and four months in prison for a scheme involving stolen retirement money used to pay for a “lavish lifestyle.”

On Monday, the U.S. District Court in Minneapolis sentenced former Ameriprise advisor Susan Elizabeth Walker to 88 months in prison for draining more than $1.1 million from at least two-dozen retirement accounts.
 
Walker, 51, and a resident of Plymouth, was convicted for one count each of mail fraud and tax evasion. She originally pled guilty in October of last year on both counts.
 
According to her guilty plea and court filings, Walker provided financial planning services through Ameriprise Financial Inc. between October 2008 and March 2013. Additionally, she was a securities agent with the Minnesota Department of Commerce and a financial advisor registered under the Financial Industry Regulatory Authority.
 
During that time, Walker opened investment brokerage accounts in her name and several of her client’s names without their knowledge. Walker then withdrew money from retirement accounts belonging to at least 24 of her clients and had that money concealed in the brokerage accounts that were under her use.
 
None of the money obtained through fraud was reported on her tax returns, which resulted in a $325,000 tax loss.

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