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March 2017 Archives

Broker Wires $370k from Family Accounts

As a result of allegedly missing numerous red flags of broker misconduct, FINRA fined Ameriprise $850,000. The fine was imposed as a result of Ameriprise management's failure to detect nine wire transfers, totaling $370,000, from customer accounts to the personal account of an Ameriprise Financial advisor. The advisor's misconduct went undetected for two years and was only discovered when a co-worker became suspicious of the advisor forging customer signatures.

Broker Barred for Borrowing $300k from Clients

A former Morgan Stanley broker, Jeffrey Hunter Smith, was barred from the securities industry by FINRA for borrowing money from clients. Smith was registered with Morgan Stanley from 2009 to 2015. During his time there, Smith borrowed $300,000 from two clients without any written approval or authorization. During FINRA's investigation of the wrongdoing, Smith refused to comply with their requests for documents.

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