Ameriprise Financial Services Stockbroker Barred In Theft Investigation
James Edward Knee (also known as Jim Knee) of Concord New Hampshire a stockbroker formerly registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related written complaint on February 26, 2019 in which the customer requested $20,615.79 in damages based upon allegations that unfounded statements had been made concerning an annuity issued by AIG which Knee sold to the customer during the time that he was associated with Ameriprise.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Knee is referenced in seven more customer initiated investment related disputes which pertain to accusations of his misconduct when he was employed by securities broker dealers including Raymond James Financial Services Inc., Ameriprise and Voya Financial Services. Specifically, a customer filed an investment related complaint regarding Knee’s conduct where the customer sought $10,000.00 in damages supported by allegations that false or misleading statements had been made concerning corporate debt investments, and the customer was sold investments that were inappropriate.
On April 18, 2017, a customer initiated investment related complaint involving Knee’s conduct was resolved for $23,749.38 in damages founded on accusations that during the period in which he was associated with Voya Financial Advisors, the customer’s investment account documentation had been altered or modified without the customer’s knowledge or consent. Knee is referenced in another customer initiated investment related written complaint which was settled for $82,290.00 on June 13, 2018 based upon allegations that the customer had been defrauded or otherwise subject of deceptive tactics by the stockbroker to induce the customer’s investment purchases.
FINRA Public Disclosure additionally confirms that Knee has been barred from associating with any FINRA member in any capacity based upon consenting to findings that he hampered a FINRA investigation into accusations of his misappropriation of funds from customers while he was associated with at least two of his securities broker dealer employers. Letter of Acceptance Waiver and Consent No. 2016050984801 (May 9, 2018).
According to the AWC, Knee was provided a notification from FINRA on March 30, 2018 in regard to scheduling his appearance at the regulator’s offices to provide recorded testimony. FINRA stated that Knee was specifically being examined to determine the veracity of allegations of his misappropriation of customer funds while employed by Ameriprise or Voya. On April 10, 2018, FINRA received word from Knee’s legal counsel that Knee would at no point cooperate in the investigation by testifying. FINRA found Knee’s failure to show up and testify as a violation of FINRA Rules 2010 and 8210.
Knee was discharged by Voya supported by accusations of him failing to comply with the securities broker dealer’s internal investigation into funds he received from one or more customers of the firm.