A former broker for Ameriprise has been barred by the Financial Industry Regulatory Authority following allegations that he violated company policies, Advisor Hub reports.
FINRA took the enforcement action against James Dunn, who resigned from Ameriprise in October 2021 after working in its Vienna, Virginia office. According to his BrokerCheck record, the matter originated when FINRA reviewed a Form U5 filed by the firm disclosing that Dunn had voluntarily resigned “while under review for potential violation of company policy related to suitability, unauthorized trades and texting with clients.”
Dunn was barred from the industry after he refused to respond to requests for information as part of FINRA’s investigation into the allegations. He was found to be in violation of Rule 8210, requiring brokers to cooperate with the authority’s investigations, and Rule 2010, requiring industry members to conduct business with high standards of commercial honor and maintain just and equitable principles of trade.
In its letter of acceptance, waiver and consent, FINRA said Dunn did not admit or deny the findings, but consented to the sanction and the conclusion that he refused to provide information and documents that had been requested. An attorney for Dunn said there would be no further comment about the case. A spokesperson for Ameriprise said clients whose accounts were affected by Dunn’s unauthorized trades were fully remediated.
The action by FINRA came amid an investigation by the Securities and Exchange Commission into whether financial institutions have adequately monitored employees’ work-related communications, including text messages and emails.
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