Us Regulator Fines Two Ameriprise Units $750000
3 Min Read
The Financial Industry Regulatory Authority said Ameriprise Financial Services and its affiliated clearing firm, American Enterprise Investment Services Inc, failed to detect a former broker, Jennifer Guelinas, based in Schererville, Indiana, who moved roughly $790,000 from two customers between 2006 and 2010 into outside accounts she controlled.
Guelinas pleaded guilty to a federal wire fraud charge last May, according to court documents. She is awaiting sentencing.
Her lawyer declined to comment.
FINRA barred her from the securities industry in 2011, according to regulatory filings.
We are pleased to have resolved this matter from several years ago and have enhanced our related policies, procedures and technology, an Ameriprise spokesman said in a statement.
The companies fully reimbursed the two customers and terminated the broker after discovering the problem in 2010, according to a FINRA settlement agreement. The two Ameriprise units neither admitted nor denied FINRAs findings.
The case illustrates how transfers, undetected over time, can add up to significant sums. Disbursements from the customers accounts ranged from $1,000 to $10,000 or more, according to the settlement. Guelinas allegedly forged her clients signatures on 85 wire requests, according to FINRA.
The firms also allegedly processed a false request Guelinas made after her termination, but then realized their mistake and returned the funds to the customers account, FINRA said.
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American Enterprise Investment Services Inc
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1American Enterprise Investment Services Inc. reviews first appeared on Complaints Board on Mar 20, 2008.The latest review Scam and cheating! was posted on Mar 20, 2008.American Enterprise Investment Services Inc. has an average consumer rating of 1 stars from 1 reviews.American Enterprise Investment Services Inc. has resolved 0 complaints.
Ameriprise Fined $750000 For Inadequate Supervision Of Wire Transfer Requests
The Financial Industry Regulatory Authority has fined Ameriprise Financial Services Inc. and American Enterprise Investment Services Inc. $750,000 for failing to properly supervise wire-transfer requests and customer fund transmissions to third parties. Also, the SRO has barred Jennifer Guelinas, an ex-Ameriprise broker, for allegedly forging the signatures of two clients on wire-transfer requests and moving about $790,000 to her bank accounts. Ameriprise is an American Financial Inc. unit.
FINRA said that Ameriprise had gone on to pay full restitution to its clients and that it was the latters affiliate clearing firm, American Enterprise Investment Services, that failed to put in supervisory systems for monitoring funds when they were transferred from client accounts to third parties. The SRO contends, however, that it was Ameriprise that did not detect that Guelinas wrongful actions even though there were a number of red flags. For example, she turned in three requests to send funds from a clients account to bank account that appeared to belong to her. Amerirpise went ahead and put through the forged requests and moved the funds without asking questions. A third wire-transfer request by Guelinas also went through, says FINRA, but this time Ameriprise caught the wrongdoing before she could get to the money.
Former Valpo financial adviser admits stealing $800,000 of clients money, Chesterton Tribune, May 8, 2012
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Ameriprise Financial Services Securities Attorneys
The securities attorneys at Gana Weinstein LLP represent customers in their disputes with brokerage firms, such as Ameriprise Financial Services Inc. . Our firm can analyze your accounts and investments in order to determine if there was any wrongdoing in the handling of your accounts. Our analysis can reveal whether an investor has been a victim of misconduct including unsuitable investments, unauthorized trading, excessive trading, or fraud.
Ameriprise is affiliated with, under common control, or otherwise performs business under the company names American Express Financial Advisors, Inc., IDS Marketing Corporation, American Enterprise Investment Services Inc., Columbia Wanger Asset Management, and Riversource Distributors, Inc.
Ameriprise is a leading diversified financial services company. Ameriprise, through its subsidiaries, provides a wide range of financial planning, products, and services including wealth management, asset management, insurance, annuities, and estate planning. As of December 31, 2010, the company has a customer base of 3 million and more financial planning clients than any other firm.
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