A West Chester, OH-based Principal was fired by Northwestern Mutual Investment Services for failing to perform under heightened supervision, then was barred by FINRA for trying to cover up those failures. 

Allen Foiles, who held a Series 24 license for 2 years prior to joining Northwestern Mutual, at some point was placed under heightened supervision by his latest employer.  The heightened supervision imposed several requirements upon Foiles:

• he was assigned a specific number of clients to contact;
• he was required to meet with registered reps the firm assigned to him;
• he had to review the files of a number of registered reps, and record certain information onto compliance forms.

Foiles failed to perform his assigned compliance responsibilities.  And rather than admit he hadn't completed the tasks, Foiles misled and deceived the firm by:  (i) creating and submitting false documents;  and (ii) lying to supervisors about completing the required compliance reviews.  After admitting to his failures, Northwestern Mutual terminated his employment. 

However that didn't resolve the fact that Foiles had submitted erroneous documents to the firm, which caused the firm's books and records to be inaccurate - a FINRA violation.  With all hope lost, Foiles decided not to respond to FINRA requests for information, and he was barred from the industry.  This is FINRA Case #2009016494001.   [Disciplinary Action for June 2011]