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