A Financial Industry Regulatory Authority (FINRA) arbitration panel recently decided that a former Ameriprise broker had to pay Ameriprise $675,000 after a customer complaint against the firm settled. The customer was awarded $675,000 in the settlement, and Ameriprise then filed the third-party arbitration claim against its former broker to recover the funds. The broker is alleged to have misappropriated the client’s investment funds.
According to records maintained by FINRA, Ameriprise accused the broker of violating several company policies related to maintaining a beneficiary relationship with a client, complaint handling, comingling of funds, and conducting business with a foreign client.
A spokeswoman for Ameriprise has stated that the company is pleased with FINRA’s decision to hold its former broker accountable for the violations. After being dismissed from Ameriprise, the broker went to another global firm, but is no longer employed there. She has been named in another Finra arbitration, where several individuals claimed she advised them to purchase a failing business for her own personal gain, and illegally borrowed and comingled funds. The plaintiffs in the pending arbitration are seeking $1 million in damages.
Philadelphia FINRA Lawyers at Sidkoff, Pincus & Green P.C. Represent Clients in FINRA Arbitrations
To learn more about how we can help with your business or commercial arbitration, contact the Philadelphia FINRA lawyers at Sidkoff, Pincus & Green, P.C. today. Our offices are conveniently located in Philadelphia, and we represent clients in Pennsylvania and New Jersey. Call us today at 215-574-0600 or contact us online.