Ameriprise Stockbroker Sanctioned For Mismarking Trades

William George Davis of Atlanta Georgia a stockbroker formerly employed by Ameriprise Financial Services Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that (1) Davis solicited investments that were not authorized by Ameriprise to be solicited and (2) Davis mismarked the customers’ trades that were executed as a result of his solicitation. Letter of Acceptance Waiver and Consent No. 2018059679301 (Oct. 7, 2019).

According to the AWC, between May 1, 2018 and June 29, 2018, Davis was prohibited under Ameriprise Financial Services’ policy from soliciting certain securities. Davis disregarded the securities broker dealer’s policy as seven customers had been advised by him to purchase the securities.

The AWC stated that at least eight trades which resulted from Davis’ impermissible solicitation had been falsely marked as unsolicited. FINRA determined that the stockbroker’s activities in this regard caused the books and records of Ameriprise to be falsified. FINRA found that Davis’ conduct was violative of FINRA Rules 2010 and 4511.

FINRA Public Disclosure reveals that Davis was discharged by Ameriprise Financial Services on August 29, 2018 founded on allegations that he neglected to cooperate with the firm’s supervisory guidelines; engaged in the unapproved solicitation of securities; and mismarked trades that had been executed in customer accounts.