The Financial Industry Regulatory Authority has barred former Northwestern Mutual broker, Roderick Len Whited, for pocketing money raised for a pediatric cancer charity.
Whited served as a managing director of the Gainesville, Florida branch office of Northwestern Mutual. According to FINRA, the branch hosted two fundraising events in 2017 for a pediatric cancer charity where some of the donations were made through an electronic payment app.
From August 2017 through February 2018, Whited allegedly deposited more than $44,000 in donations into his personal account by linking it to the payment app and using the money to pay his personal expenses.
FINRA said that Northwestern Mutual directed Whited to repay the charity when they discovered that he had taken the money. In May 2018, he repaid approximately $35,000.
According to his BrokerCheck profile, Whited was affiliated with Northwestern Mutual for roughly 23 years until he was permitted to resign in January 2020. Most recently, he was affiliated with Intercarolina Financial Services.
Whited signed FINRA’s letter of acceptance, waiver and consent without admitting or denying their allegations.