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