FINRA Fines Ameriprise and Advisor for Altering Documents

Posted on November 1st, 2014 at 10:28 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA has fined and temporarily suspended a financial advisor with Ameriprise for altering a client’s documents without authority during an arbitration hearing, and also has fined Ameriprise for knowingly keeping quiet about the changes.

The investigation by FINRA stems out of a 2008 arbitration case between Ameriprise advisor David B. Tysk and a former client, Guenther Roth, who complained that Tysk had advised and bought more than $2 million in unsuitable annuities in his fixed-income account.

During that arbitration process, Roth questioned computer notes prepared by Tysk of his contacts with him and asked to examine those notes. But his request was stonewalled by the advisor and Ameriprise. Tysk didn't say anything about changes made to his notes for months, until close to the arbitration hearing date. Nonetheless, neither Ameriprise nor Tysk informed Roth that the notes had been altered.

Tysk was fined $50,000 and given a three month suspension from any financial advisory activity. FINRA fined Ameriprise $100,000 for wrongful conduct that was intentional, persisted over a period of months, and was inconsistent with the principles of fairness promoted by the rules governing the arbitration discovery process.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: FINRA, Ameriprise, David B. Tysk, Guenther Roth

Return to Archive

TESTIMONIALS

Previous
Next

This was the best of all possible outcomes and I cannot thank you and the team enough.

Michael S.

LATEST NEWS AND ARTICLES

August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.