FINRA Bars Former Ameriprise Rep for Unauthorized Trades, Failure to Respond
The Financial Industry Regulatory Authority has barred a former Ameriprise Financial Services Inc. representative for failing to timely respond to their request for information relating to a series of unauthorized trades in her customers’ accounts.
The Financial Industry Regulatory Authority has barred a former Ameriprise Financial Services Inc. representative for failing to timely respond to their request for information relating to a series of unauthorized trades in her customers’ accounts.
FINRA claims that between September 27 and 29, 2016, Maria Tamburro executed approximately 30 unauthorized mutual fund purchases in the accounts of six Ameriprise customers without contacting the customers.
According to FINRA, one of the six customers did not have sufficient funds in his brokerage account to fund the unauthorized mutual fund purchases. Also, in five separate transactions, Tamburro sold securities in another brokerage account held by the same customer, and then transferred the proceeds to the purchasing account. Two of the affected customers had only fee-based accounts.
To facilitate the unauthorized transactions, FINRA alleges that Tamburro first electronically submitted new account documentation to Ameriprise to open commission-based accounts in the customers’ names without their permission. She then placed the unauthorized trades in the newly created, unauthorized accounts.
The total principal amount of the unauthorized trades was approximately $260,000, and the six customers were charged $7,549 in commission for the unauthorized trades.
Tamburro held Series 7 and 66 licenses and was registered with FINRA through Ameriprise from November 2011 to October 2016. She was automatically barred for failing to respond to FINRA’s information requests in a timely manner.
