{"id":3762,"date":"2016-09-14T00:02:36","date_gmt":"2016-09-14T05:02:36","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3762"},"modified":"2022-03-25T09:54:46","modified_gmt":"2022-03-25T14:54:46","slug":"ameriprise-ordered-pay-85ok-one-brokers-bilked-family","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/","title":{"rendered":"Ameriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0"},"content":{"rendered":"

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The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and notice \u00a0that one of its brokers was bilking his own family members. According to the self-regulatory organization, the registered representative took over $370K from five firm customers, which included his domestic partner, mother, grandparents, and stepfather.<\/div>\n
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From 10\/11 to 9\/13, the broker moved the funds to a business account. The transfers went undetected for two years because Ameriprise purportedly neglected to adequately supervise the moving of customer funds to third parties. It wasn\u2019t until 9\/13 that evidence was found that the broker had been practicing the signature of a family member.<\/div>\n
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The Ameriprise broker turned in forms to move the money from the brokerage accounts of customers into a business bank account. The transfer was under the guise of making investments. Instead, said FINRA, the broker allegedly used the money to pay himself commissions and an additional salary.<\/div>\n<\/div>\n<\/blockquote>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

  The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and notice \u00a0that one of its brokers was bilking his own family members. According to the self-regulatory organization, the registered representative took over $370K from five firm customers, which included his domestic partner, mother, grandparents, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3791,3739],"tags":[],"class_list":["post-3762","post","type-post","status-publish","format-standard","hentry","category-ameriprise-securities-america","category-finra"],"yoast_head":"\nAmeriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0 — Investor Lawyers Blog — September 14, 2016<\/title>\n<meta name=\"description\" content=\"  The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and — September 14, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ameriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0 — Investor Lawyers Blog — September 14, 2016\" \/>\n<meta name=\"twitter:description\" content=\"  The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and — September 14, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ameriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0 — Investor Lawyers Blog — September 14, 2016","description":"  The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and — September 14, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/","twitter_card":"summary_large_image","twitter_title":"Ameriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0 — Investor Lawyers Blog — September 14, 2016","twitter_description":"  The Financial Industry Regulatory Authority is ordering Ameriprise Financial Services (AMP) to pay $50K for failing to properly supervise and — September 14, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ameriprise Ordered to Pay $85OK After One of Its Brokers Bilked His Family\u00a0 \u00a0","datePublished":"2016-09-14T05:02:36+00:00","dateModified":"2022-03-25T14:54:46+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ameriprise-ordered-pay-85ok-one-brokers-bilked-family\/"},"wordCount":335,"articleSection":["Ameriprise - 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