Robert Rushby Humberston of Longmeadow, Massachusetts submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was assessed a deferred fine of $5,000 and suspended by the Financial Industry Regulatory Authority (FINRA) for a period of three months.
In September 2014, Robert Humberston joined Ameriprise Financial Services as a General Securities Representative. FINRA stated that from September 2016 through January 2018, Humberston violated FINRA Rule 2010 in which he failed to comply with his firms’ policies and procedures requiring him to disclose that one of his customers had designated him as a beneficiary of her estate. According to FINRA, when Humberston found out that the elderly customer had died and left him 10 percent of her estate, he failed to notify his firm or seek revocation of the bequest. FINRA also stated that Humberston notified his firm after receiving the funds totaling $96,662, but only after he deposited them directly in his personal bank account. Humberston allegedly declined to return the funds and instead resigned. Continue reading →