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Recent Posts in Ameriprise Category

Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients

FINRA fined and suspended former Ameriprise Financial Services and Moors & Cabot, Inc broker Robert Charles Torcivia for improperly accepting and failing to disclose fiduciary and beneficiary ...
Continue reading "Robert Torcivia Disciplined Over Beneficiary Designations, Inheriting Money from Clients" »

SEC Issues Ameriprise Financial Cease-and-Desist Order over Failure to Detect Misappropriation and Fraud

The Securities and Exchange Commission instituted cease-and-desist proceedings against Ameriprise Financial Services, finding that the firm failed to adopt and implement policies and procedures to ...
Continue reading "SEC Issues Ameriprise Financial Cease-and-Desist Order over Failure to Detect Misappropriation and Fraud" »

James Edward Knee Barred, Arrested for Theft from Elderly Client

Two months after his arrest for stealing from an elderly investor, FINRA barred former Ameriprise Financial Services and Voya Financial Advisors broker James "Jim" Edward Knee following an ...
Continue reading "James Edward Knee Barred, Arrested for Theft from Elderly Client" »

Gross Margin Debt Climbing at an Unsustainable Rate, Placing Investors at Greater Risk

Investing on margin—which means investing funds that are borrowed from a brokerage firm—can look attractive because of the potential for great returns. On the other hand, buying on margin ...
Continue reading "Gross Margin Debt Climbing at an Unsustainable Rate, Placing Investors at Greater Risk" »

FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients

FBI agents arrested former Ameriprise Financial Services representative Li Lin Hsu of Diamond Bar, California and charged her with mail fraud, wire fraud, obstruction of justice, and money laundering. ...
Continue reading "FBI Arrests Ex-Ameriprise Broker Li Lin Hsu for Fraud, Stealing from Clients" »

Ameriprise's Lorene Fairbanks Sanctioned for Unauthorized Loan from Customer, Violative Text Messages

FINRA fined and suspended former Ameriprise Financial Services representative Lorene Fairbanks aka Lorene Fairbanks Miller for improperly borrowing money from a client, and for exchanging business ...
Continue reading "Ameriprise's Lorene Fairbanks Sanctioned for Unauthorized Loan from Customer, Violative Text Messages" »

Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives

FINRA barred former Ameriprise Financial and Wedbush Securities broker Larry Martin Boggs for excessively and unsuitably trading five elderly customers' accounts while associated with Amerprise of ...
Continue reading "Ameriprise's Larry Boggs Barred for Churning Elderly Client Accounts, Improperly Changing Customer Objectives" »

Brietburn Energy Partners (BBEPQ) Drops 99% In Value After Risks Become Reality

Once touted as a solid investment, Los Angeles-based Breitburn Energy Partners LP (over the counter as BBEPQ) suffered the fate of several oil-and-gas sector securities and Master Limited Partnerships ...
Continue reading "Brietburn Energy Partners (BBEPQ) Drops 99% In Value After Risks Become Reality" »

Ex-Ameriprise Brokers Jack McBride and Stuart Pearl Cited by FINRA for Improper Margin Trades

FINRA fined and suspended former Amerprise Financial Services brokers Jack B McBride and Stuart L Pearl for misconduct related to use of margin in customer accounts, while McBride additionally ...
Continue reading "Ex-Ameriprise Brokers Jack McBride and Stuart Pearl Cited by FINRA for Improper Margin Trades" »

Arbitration Panel Orders Barred Broker Li-Lin Hsu, Ameriprise Financial to Pay $675,000 for Alleged Misrepresentation and Misappropriation of Customer Funds

A FINRA arbitration panel ordered former Los Angeles-area broker Li-Lin Hsu of Ameriprise Financial Services to pay $675,000 in damages to her former employer, Ameriprise. The award is unusual as it ...
Continue reading "Arbitration Panel Orders Barred Broker Li-Lin Hsu, Ameriprise Financial to Pay $675,000 for Alleged Misrepresentation and Misappropriation of Customer Funds" »

OHO Issues Decision Barring Jim Jinkook Seol over Undisclosed EB-5 Business

FINRA's OHO concluded a year-long investigation into former Ameriprise Financial (Irvine, CA) broker Jim Jinkook Seol by issuing a decision barring Seol from the securities industry for engaging ...
Continue reading "OHO Issues Decision Barring Jim Jinkook Seol over Undisclosed EB-5 Business" »

Kim Dee Isaacson Charged with Fraudulent Misrepresentations, Unauthorized Transactions in Elderly Client's Account

FINRA charged former Morgan Stanley and present Ameriprise Financial broker Kim Dee Isaacson with making fraudulent misrepresentations and omissions of material facts to an elderly client regarding ...
Continue reading "Kim Dee Isaacson Charged with Fraudulent Misrepresentations, Unauthorized Transactions in Elderly Client's Account" »

Ameriprise (Irvine)'s Jim Seol Barred for 'Egregious' Selling Away of $100 Million Private Placements for Immigration's EB-5 Program

FINRA barred former Ameriprise Financial (Irvine, CA) broker Jim Jinkook Seol of Lake Forest for participating in $100 million-worth of private securities transactions and outside business activities ...
Continue reading "Ameriprise (Irvine)'s Jim Seol Barred for 'Egregious' Selling Away of $100 Million Private Placements for Immigration's EB-5 Program" »

Ex-Ameriprise Broker Mark Francis Speakman Pleads Guilty to REIT Wire Fraud, Money Laundering

After defrauding clients out of $1.1 million by pretending to invest in a real estate investment trust (REIT) and gold coins—including one terminally ill customer whose primary objective was to ...
Continue reading "Ex-Ameriprise Broker Mark Francis Speakman Pleads Guilty to REIT Wire Fraud, Money Laundering" »

FINRA Fines Ameriprise Financial $850k over Rep & Manager Weseloh's Conversion of $370,000 from Customers

FINRA fined Ameriprise Financial Services, Inc. $850,000 for failing to supervise and detect former broker Justin Matthew Weseloh's conversion of funds from multiple customer brokerage accounts, ...
Continue reading "FINRA Fines Ameriprise Financial $850k over Rep & Manager Weseloh's Conversion of $370,000 from Customers" »

Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000

FINRA fined Ameriprise Financial Services $100,000 for failing to supervise ex-broker Michael Edward Halla's unsuitable short-term trading of IPO closed end funds (CEFs). The investigation notes ...
Continue reading "Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000" »

FINRA Charges Jim Seol with Unauthorized WRCI, EB-5 Immigration Outside Business Activity

FINRA charged Jim Jinkook Seol, formerly of Ameriprise Financial Services' Irvine, CA branch, with engaging in outside business activities and participating in private securities transactions by ...
Continue reading "FINRA Charges Jim Seol with Unauthorized WRCI, EB-5 Immigration Outside Business Activity" »

Thomas David Sharp Fined and Suspended for Improper REIT E-mail Solicitations

FINRA fined and suspended former Ameriprise Financial Services, Inc. broker Thomas David Sharp of Carmichael, California for sending multiple e-mails concerning non-traded real estate investment ...
Continue reading "Thomas David Sharp Fined and Suspended for Improper REIT E-mail Solicitations" »

Douglas Frank Cmelik Fined & Suspended for Inaccurately Marked "Unsolicited" Penny Stock Sales

FINRA fined and suspended Ameriprise Financial, Inc. broker Douglas Frank Cmelik for allegedly improperly marking penny stock sales as unsolicited when, in fact, he solicited the purchases. FINRA Case ...
Continue reading "Douglas Frank Cmelik Fined & Suspended for Inaccurately Marked "Unsolicited" Penny Stock Sales" »

Michelle Lee Kern Barred for Unlawful Conversion of $669,000 in Client Funds

FINRA barred Sacramento, California-based representative Michelle Lee Kern for the alleged unlawful conversion of a total $669,000 from client brokerage and checking accounts, including alleged theft ...
Continue reading "Michelle Lee Kern Barred for Unlawful Conversion of $669,000 in Client Funds" »
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