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SEC Charges Ameriprise With Overcharging Retirement Account Customers for Mutual Fund Shares

The Securities and Exchange Commission today announced that a Minnesota-based broker-dealer and investment adviser has agreed to settle charges for recommending and selling higher-fee mutual fund shares to retail retirement account customers and for failing to provide sales charge waivers. According to the SEC’s order, Ameriprise Financial Services Inc. disadvantaged certain retirement account customers by […]

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Western International Securities, Inc. Fined $521,098 in Connection With Sales of Non-Traditional ETFs

On February 28, 2018, FINRA Enforcement entered into a settlement via Acceptance, Waiver and Consent (“AWC”) with Respondent Western International Securities, Inc. (“WIS”) (CRD# 39262).  Specifically, without admitting or denying any wrongdoing — WIS consented to paying a fine of $521,908, in addition to restitution to certain investors in the amount of $125,000 — in […]

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Larry Martin Boggs – Ameriprise – Dallas, Texas

An AWC was issued in which Boggs was barred from association with any FINRA member firm in all capacities. Without admitting or denying the findings, Boggs consented to the sanction and to the entry of findings that he engaged in excessive and unsuitable trading in customer accounts. The findings stated that Boggs used his control […]

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Energy losses with Wedbush Securities broker Mark Heiden?

Aidikoff, Uhl & Bakhtiari continues its investigation of the sales practices of Mark Heiden for his management of client accounts and the overconcentration of energy related stocks investments: Energy XXI Bermuda Ltd. Clearbridge American Energy MLP Goldman Sachs MLP Energy Arch Coal Seadrill We are currently investigating whether all material risks of the recommended investments […]

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William Fitzgerald White – San Diego, California

An Offer of Settlement was issued in which White was fined $12,500 and suspended from association with any FINRA member in all capacities for 16 months. Without admitting or denying the allegations, White consented to the sanctions and to the entry of findings that he willfully failed to timely amend his Uniform Application for Securities […]

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