Ameriprise Financial Services, Inc. Fined $850K

Ameriprise Financial Services, Inc. Fined $850K

FINRA fined Ameriprise Financial Services, Inc. $850K for failing to supervise the transmission of funds from their customer brokerage accounts.  A Registered Representative converted more than $370K without detection for two years.  The lack of an established supervisory system by Ameriprise led to missed red flags that would have uncovered the misconduct.

Read More

FINRA Proposal Protects Elderly

FINRA Proposal Protects Elderly

FINRA filed a proposed rule with the SEC in an effort to protect elderly investors from financial exploitation.  The proposed rules would 1) require Firms to make a reasonable effort to obtain the name and contact information of a trusted member of an elderly client’s family before authorizing a suspected trade; and 2) permit Firms to place a temporary hold on funds or securities where there’s a reasonable belief of exploitation or fraud.  Read More.  ...

Read More

Churning & Unsuitable Trading Results in FINRA Suspension of Donald Bartelt

Churning & Unsuitable Trading Results in FINRA Suspension of Donald Bartelt

Donald Andrew Bartelt, Cave Creek, Arizona, was suspended by FINRA from November 21, 2016 thru February 20, 2017 for unsuitable trading in customer accounts.  Bartelt was found to be trading for his own benefit, completing excessive and inconsistent trading activity, churning, and disregarding client investment objectives.  See Page...

Read More

$6.2 Million Fine for Supervisory Failures Related to Variable Annuity L-Shares

$6.2 Million Fine for Supervisory Failures Related to Variable Annuity L-Shares

Eight Firms are fined a total of $6.2 by Financial Industry Regulatory Authority (FINRA) for failuring to supervise sales of variable annuities.

Read More

PIABA Publishes Video to Educate Investors of the Prevalence of Investment Abuse

PIABA Publishes Video to Educate Investors of the Prevalence of Investment Abuse

WATCH THE VIDEO

Read More

Lawrence Michael LaBine Sanctioned by FINRA

In April 2016, Lawrence Michael LaBine, of Fountain Hills, Arizona, consented to FINRA’s sanctions and was barred from associating with FINRA members in any capacity.  According to the FINRA disciplinary action, “Without admitting or denying the allegations, LaBine consented to the sanction and to the entry of findings that he made fraudulent misrepresentations and omissions of material facts to customers in connection with the sale of senior debentures (Series D)…”  LaBine was also found to have, “Made unsuitable sales of non-traded real estate investment trust (REIT’s) and other alternative investments, including Series D and his entity’s securities to customers who were elderly and/or inexperienced investors. Read the entire Disciplinary Action (see page 24). Read the entire Order Accepting Offer of...

Read More