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Robert Rex
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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
My blog:
Rex Investment Loss Recovery Blog
  • FINRA Fines Ameriprise $750,000 For Broker Theft  0 comments
    Mar 8, 2013 1:17 PM

    Ameriprise Financial Services and its affiliated clearing firm, American Enterprise Investment Services, Inc. agreed to pay a civil fine of $750,000 to FINRA for not having adequate systems in place to monitor wire transfers.

    The case involved a broker who was moving money from client accounts into outside accounts controlled by the broker Jennifer Guelinas. Guelinas pleaded guilty to wire fraud and is awaiting sentencing.

    To avoid detection, disbursements were small ($1,000 to $10,000) and spread over a period of four years. A total of $790,000 was taken by Guelinas who forged her client's signatures on 85 wire requests, according to FINRA.

    FINRA alleged that Ameriprise failed to heed numerous red flags in not detecting the transfers over a four year period.

    If you have questions or complaints about losses in your investment account, contact us for a free consultation.

    Nationwide representation

    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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