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Former Ameriprise Financial Services, Inc. Broker Steven Yellen Investment Losses

Posted on Monday, December 2nd, 2019 at 1:16 pm    

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Erez Law is currently investigating former Ameriprise Financial Services, Inc. broker Steven Yellen (CRD# 1281663) regarding unauthorized trading. Yellen was registered with Ameriprise Financial Services, Inc. in El Paso, Texas from 2016 to 2018, when he was terminated regarding, “Registered representative was discharged for violations of company policy related to outside business activities and options trading.” Previously, Yellen was registered with Morgan Stanley in El Paso, Texas from 2009 to 2016.

In November 2019, FINRA suspended Yellen for one year and sanctioned him to a civil and administrative penalty of $25,000 after he consented to the sanctions and to the entry of findings that he exercised discretion while associated with Morgan Stanley in a customer’s account without written authorization or acceptance of the account as a discretionary account by Morgan Stanley. FINRA alleged that Yellen engaged in unauthorized trading. FINRA also found that Yellen opened a second account for a customer without her knowledge or authorization and executed two unauthorized transactions in the customer’s accounts, while registered with Morgan Stanley. FINRA found that Yellen entered 16 trades for 10 customers that were beyond the option trading risk levels authorized by the customers. FINRA also found that between June and November 2016, Yellen mismarked 319 options order tickets as “unsolicited” when they were solicited, causing Ameriprise Financial Services Inc.’s books and records to be inaccurate. FINRA also found that Yellen sent non-public personal information regarding Morgan Stanley’s customers to his personal email account, in violation of Morgan Stanley’s policy and without the knowledge or consent of his previous firm or any customer.

Yellen has been the subject of one customer complaint in 2013, according to his CRD report, regarding not following instructions was settled.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Ameriprise Financial Services, Inc. may be liable for investment or other losses suffered by Yellen’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.