Former Ameriprise broker William Wyman was barred by the Financial Industry Regulatory Authority (FINRA). A client accused him of participating in private securities transactions. This is also sometimes referred to as “selling away.” Selling away is when a broker provides loans or sells notes and other investments outside of the scope of his brokerage firm. This is done in order to help generate large commissions for the broker, and it typically racks up costly and unnecessary fines for the client. It is against securities laws. A firm such as Ameriprise is expected to properly supervise its employees in order to detect and prevent them from offering investments such as these. Selling away misconduct typically occurs when brokerage firms fail to put in place a reasonably supervisory system or fail to implement that system.
William Brian Wyman, according to his FINRA BrokerCheck report online, was previously registered with Royal Alliance Associates in Palm Bay, Florida from July 2000 until February 2016 and Ameriprise Financial Services in Palm Bay from February 2016 until November 2016. He has three customer disputes against him, one pending, alleging that features of annuity policies were misrepresented, suitability related to an investment sold away from the firm, and negligence regarding an investment sold away from the firm. He also has one criminal final disposition against him. He has been permanently barred from the industry.
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