Proving once again that it is always best for brokers to inform their firms about any outside business activities, whether it’s selling insurance or even running the office at a vet clinic, the Financial Industry Regulatory Authority sanctioned a former Thrivent representative for engaging in three undisclosed outside business activities.
Without admitting or denying the findings, Angela Marie Chatfield signed a FINRA letter of acceptance, waiver and consent Feb. 12 in which she agreed to a three-month suspension from associating with any FINRA member firm and pay a $5,000 fine. FINRA accepted the letter Friday.
Chatfield is no longer registered as a broker, according to FINRA’s BrokerCheck website.
“We believe the FINRA Letter of Acceptance, Waiver and Consent relating to the individual otherwise speaks for itself,” Thrivent said in a statement Tuesday.
Chatfield entered the securities industry in January 2016 when she became associated with Thrivent Investment Management as a non-registered fingerprint individual. In June 2016, she became registered with Thrivent as a general securities representative, according to FINRA.
From January 2016 through July 2017, Chatfield engaged in three outside business activities through which she was compensated for providing accounting and bookkeeping services, while serving as office manager and trustee, without providing prior written notice to Thrivent, according to the FINRA letter.
As the office manager for Deer Creek Animal Hospital, Chatfield provided bookkeeping, accounting, real estate management and/or personal management services to the hospital, its owner, “SH,” and related entities, according to FINRA. Chatfield also served as a director and treasurer for DCH, according to FINRA and a report on the Securities Exchange Commission website.
Chatfield also served as trustee for SH’s estate, facilitating the completion of estate documents, including a will and trust document, which provided for her to receive trustee fees, according to FINRA.
Meanwhile, as the principal and owner of Angela’s Assets, a limited liability company she established in December 2008, Chatfield provided bookkeeping and accounting services to small businesses and individuals, FINRA said.
“Although she was actively engaged in all of the outside business activities when she joined Thrivent as a GSR, and knew she was required to disclose any outside activity, Chatfield did not disclose or otherwise seek approval for any of these activities until March 2017, when she filed a request for approval of her service as DCH’s office manager,” the FINRA letter said.
However, Chatfield “did not disclose her other positions with DCH, her appointment as trustee, or the accounting and booking services she provided through AA,” FINRA said.
In a Uniform Termination Notice (Form U5) dated Aug. 9, 2017, Thrivent reported Chatfield’s voluntary termination, according to FINRA. In an amended Form U5 dated June 4, 2018, the firm reported that on May 10, 2018 it commenced an internal review following the receipt of a customer complaint alleging that certain insurance contracts and Thrivent accounts were unauthorized, FINRA said.
After leaving Thrivent, Chatfield went to work as a rep for Parsonex Securities in Englewood, Colorado, in 2019, before dropping her broker registration, according to BrokerCheck. The website, which also notes she was a previously registered investment advisor, did not specify any reasons for leaving Parsonex. In fact, there are no disclosures at all included on her profile.
“While Angela Chatfield was registered briefly with our firm, she was to be placed on heightened supervision due to an ongoing investigation with her prior firm,” Parsonex said in a statement Tuesday. “While she was registered with Parsonex Securities she did not conduct any business and resigned prior to any resolution to the investigation with her prior firm or any securities activity with ours,” it added.