Former Ameriprise Financial Services, Inc. (Ameriprise) registered representative Stuart Epley recently entered into a settlement agreement with FINRA over allegations that he entered unauthorized trades on behalf of customers.
Specifically, FINRA alleged that Epley effectuated 87 transactions on eight customer accounts without obtaining authorization from these customers. FINRA also alleged that Epley mismarked 24 order tickets to purchase leveraged ETFs as “unsolicited” when in fact Epley had specifically recommended these investments to his customers. According to FINRA, Epley marked the order tickets as “solicited” because Ameriprise prohibits its brokers from recommending these investments.
Through the settlement, Epley agreed to a three month suspension during which time he is prohibited from working for any FINRA member firm in any capacity.
Ameriprise had a responsibility to oversee Epley’s business activity and to create a supervision system reasonably calculated to prevent its brokers from violating FINRA rules. Customers of Epley who suffered losses as a result of his misconduct may recover losses by pursuing claims in arbitration against Epley and Ameriprise at FINRA.
Blau & Malmfeldt is a law firm that represents investors across the United States in securities, commodity futures, partnership and shareholder rights disputes. Contact us at 312-443-1600 to learn about the services we offer.