Li Lin Hsu, a former Ameriprise broker, was arrested last week on charges of stealing from 11 of her former clients while she was registered with the firm and after she was fired in 2015. She allegedly took money from the clients after finding them through ads in Chinese language newspapers. She used the money…
The Securities and Exchange Commission (SEC) recently settled charges with Ameriprise. The SEC was charging the firm for recommending and selling higher-fee mutual fund shares to retail retirement account customers and for failing to provide sales charge waivers. The bank allegedly disadvantaged certain retirement account customers by failing to ascertain their eligibility for less expensive…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Ameriprise broker Jack McBride violated securities laws. He allegedly committed several violations pertaining to customer accounts as follows: he settled a customer complaint without notifying his firm, sent two emails to two customers containing accounts values…
According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Cheryle Anne Brady violated securities laws. Allegedly, Brady had her assistant place ten trades in nine of her customer’s accounts. These trades were placed without obtaining the customer’s approval. Brady then falsely stated that she had contacted…
Peter Butler, a former Ameriprise broker, was terminated by the firm in January of this year over claims alleging selling away and violation of company policy related to disclosure of an outside activity. The Financial Industry Regulatory Authority (FINRA) found that Butler reasonably failed to supervise a broker who was employed as a sales associate…
Stoltmann Law Offices continues to investigate Leon Vaccarelli, who was accused by the Securities and Exchange Commission (SEC) of fraudulently inducing elderly investors to invest with him, but instead spent the money on personal expenses. Allegedly, Vaccarelli solicited over $1 million in this scheme between September 2012 and 2017 when he ran a company called…