FINRA Bars Former Ameriprise Advisor Who “Falsified” Client Event Expenses
From the Desk of Jim Eccleston at Eccleston Law:
The Financial Industry Regulatory Authority (FINRA) has barred a former Ameriprise advisor who allegedly falsified $25,000 in reimbursement requests submitted to the firm for client events that she sponsored through wholesaler contributions.
Shawn Parker, who operated out of Schaumburg, Illinois, was fired from Ameriprise in 2020 after spending 32 years in the industry, according to BrokerCheck. According to FINRA, Parker hosted annual educational and training events in 2017 and 2018 by using wholesaler sponsorship funds for nearly 250 clients “at a local banquet venue.” While wholesalers often cover must of the cost for such events, Ameriprise permits advisors “to be reimbursed for certain expenses actually incurred, including among other things food and beverages served”, according to FINRA. However, FINRA alleged that “Parker directed her staff to prepare reimbursement requests to be submitted to the firm, seeking reimbursement for Parker from wholesaler contributions that had been provided for the event.”
According to FINRA, the expense reports included “falsified” invoices overstating reimbursable expenses that were incurred. Parker consented to the bar without admitting or denying any of FINRA’s investigatory findings, but Parker also agreed to reimburse the firm, according to FINRA.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
Tags: eccleston law, finra, ameriprise
