FINRA fined Ameriprise $850,000 for failing to properly supervise one of its registered representatives who converted $370,000 in client funds for personal use, according to the regulator.
The registered rep served as a sales assistant and office manager at Ameriprise, and converted the funds from accounts belonging to five Ameriprise clients – who were also the office manager's family members, according to FINRA.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access