FINRA Bars Ameriprise Stockbroker For Unauthorized Trading
Maria Nancy Tamburro of Florham Park New Jersey a stockbroker formerly registered with Ameriprise Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she effected unauthorized trades in customer accounts and failed to timely cooperate with FINRA’s investigation into allegations of her wrongdoing. Letter of Acceptance Waiver and Consent No. 2018056872301 (May 29, 2018).
According to the AWC, from September 27, 2016 to September 29, 2016, an estimated thirty unauthorized mutual fund purchases had been executed by Tamburro in the investment accounts owned by six of the firm’s customers. Tamburro reportedly effected those transactions without ever having contacted customers beforehand.
The AWC stated that in one customer’s case, five unauthorized securities sales were executed by Tamburro from the customer’s brokerage account so that the proceeds could be applied to the customer’s other account and used to purchase mutual funds. Tamburro reportedly failed to procure the customer’s consent to effect both the sales and eventual purchases. In two other customers’ cases, Tamburro reportedly submitted customer account documentation which enabled Tamburro to charge commissions on transactions placed in their accounts. Yet, those customers neither authorized Tamburro to transition the customers’ accounts from fee-based to commissioned-based accounts, nor permitted Tamburro to place transactions in those accounts.
Evidently, a total of $260,000.00 worth of trades had been placed in customers’ accounts without customers ever providing Tamburro authorization, allowing unauthorized commissions to be generated by Tamburro. FINRA found that Tamburro’s conduct in that regard was violative of FINRA Rules 2010.
FINRA additionally cited Tamburro for failing to cooperate with FINRA’s investigatory requests. Particularly, FINRA sought Tamburro’s information and documentation in reference to its investigation into Tamburro’s unauthorized trading in customer accounts. The AWC stated that FINRA made three attempts at procuring the information from Tamburro but to no avail.
The AWC revealed that Tamburro was notified by FINRA that she would be suspended on July 17, 2017 if not for complying with FINRA’s requests by the deadlines imposed; however, Tamburro failed to comply. Tamburro was subsequently notified that she would be barred by September 25, 2017 if she did not request that her suspension be terminated. Evidently, by November 2, 2017, Tamburro cooperated with FINRA’s requests – more than eight months late. FINRA found that Tamburro’s failure to timely respond was conduct violative of FINRA Rules 2010 and 8210.
Tamburro’s registration with Ameriprise Financial Services was terminated on October 5, 2016.
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