Karen Tautges-Parisian of Minnetonka, Minnesota submitted a Letter of Acceptance, Waiver and Consent (AWC) to Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly making unstable investment recommendations to a customer. Ms. Tautges-Parisian first became associated with FINRA in July 2001 for Ameriprise Financial Services, Inc. (Ameriprise). In December 2013, Ms. Tautges-Parisian voluntarily resigned from Ameriprise.
FINRA found that in May and November 2009, Ms. Tautges-Parisian made unsuitable investment recommendations to a Ameriprise customer involving penny stocks. In May 2009 Ms. Tautges-Parisian recommended a customer to invest $14,904 in 8,000 shares of Oceanfreight, Inc. (OCNF) at $1.83 per share. The client was a 50 year old who annually made $20,000 and had no investment experience. By November 2009, the price of OCNF shares dropped to $.99 per share. In an attempt to increase the price per share, Ms. Tautges-Parisian recommended the customer to invest another $7,000 in OCNF shares. In June 2010 the client sold his shares for a total loss of $16,032.52.