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Articles Tagged with Ameriprise

Cory Lee Mireau of Eden Prairie, Minnesota submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in unapproved private transactions in violation of NASD Rule 3040 and FINRA Rules 3240, 3270 and 2010.

In July 2006, Cory Lee Mireau joined Ameriprise as a General Securities Representative and Investment Company/Variable Contracts Products Representative. According to the FINRA findings, Mireau borrowed $150,500 from two customers and used $140,000 to personally invest in private transactions without notice or approval from his firm. The findings stated that Mireau allegedly failed to repay the principal within two years with a 10 percent interest and the agreed shared 10 percent of his initial profits with one of the customers. The FINRA findings also stated that Mireau also performed outside consulting work for one of the customers and received $1,250 in compensation without approval from his firm. In addition to those findings, Mireau also allegedly falsely attested on annual compliance questionnaires that he had not engaged in unapproved private transactions and disclosed all outside business activities to his firm. Continue Reading

Steven Tarasius Yellen of El Paso, Texas submitted a Letter of Acceptance Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly exercising discretion and engaging in unauthorized trading in violation of NASD Rule 2510(b) and FINRA Rules 4511 and 2010.

From August 1984 until February 2016, Steven Tarasius Yellen was registered with Morgan Stanley as a General Securities Representative. According to FINRA, during his time with Morgan Stanley, Steven Yellen exercised discretion in a customer’s account without written authorization or acceptance of the account as discretionary and engaged in unauthorized trading. The findings stated that he opened a second account for the same customer without knowledge and transferred $30,000 from the original account to execute two unauthorized transactions. The firm did settle with the customer and filed a Uniform Termination Notice for Securities Industry Registration (“Form U5”) terminating Yellen. Continue Reading

Brian Hussey, a former registered representative with Ameriprise Financial Services, Inc. (Ameriprise) submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was suspended for seven months by the Financial Industry Regulatory Authority (FINRA) for making unsuitable recommendations that his customer sell 100% of her IRA’s mutual fund positions and invest the proceeds in penny stocks, which resulted in market losses of $58,572 to his customer.

According to FINRA, Brian John Hussey, Jr., of Zephyrhills, Florida, recommended that his customer sell 100% of the mutual fund positions in her IRA accounts and invest the money in two penny stocks related to the marijuana business.  Because this unsuitable recommendation was in contravention of his member firm’s policies, Mr. Hussey mismarked 16 solicited trades as unsolicited to avoid the firm’s detection.  Within five months of his unsuitable recommendation to sell his customer’s mutual fund positions, his customer was 100% concentrated in the marijuana-related penny stocks.  The customer complained to Ameriprise, alleging market losses in her accounts of $58,572, and the firm settled the complaint.  Mr. Hussey, however, is obligated to pay back the firm. Continue Reading

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