A Plymouth woman was sentenced to prison after for stealing more than than $1.1 million from at least 24 clients of a financial planning company she and her mother ran.
Susan Walker, 51, was sentenced Monday in U.S. District Court in Minneapolis to more than seven years in prison for fraud and tax evasion.
“Walker stole her clients’ life savings by abusing her position of trust,” said Minnesota Commerce Commissioner Mike Rothman. “Many of Walker’s victims were seniors who counted on her to manage their accounts responsibly, but instead she diverted their hard-earned savings to finance her own lavish lifestyle.”
Through her affiliation with Ameriprise Financial Inc., Walker provided financial planning services to several clients from October 2008 until March 2013. According to the defendant’s guilty plea and court documents, she stole from her clients by misusing her access to several retirement accounts. She opened investment brokerage accounts in her own name and in the names of several clients without their knowledge or authorization so that she could conceal money stolen from other clients.
According to court records, she used the money to pay for private school tuition, salon appointments, vehicles, Caribbean cruises, Victoria Secret purchases and donations to a local Catholic Church.
“Susan Walker preyed upon people who trusted her, stealing repeatedly from vulnerable victims over many years,” said Assistant U.S. Attorney Timothy Rank. “She targeted those with modest retirement savings and used their money for her own greed.”
Mary Lynn Smith