National investment loss lawyers KlaymanToskes is investigating suspended broker Justin Parker (CRD# 4671557) of Ameriprise Financial Services.
According to FINRA’s Department of Enforcement, broker Justin Parker has been suspended by FINRA. FINRA’s findings state that on November 2, 2021, while associated with Ameriprise, Parker instructed a trader to effect 310 unauthorized transactions in the non-discretionary accounts of 277 customers.
According to the Letter of Acceptance, Waiver, and Consent, by effecting 310 unauthorized trades, Parker violated FINRA Rule 2010. Ameriprise fined Parker $2,500 for the misconduct at issue.
Investors that suffered losses with broker Justin Parker at Ameriprise Financial Services are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
On October 4, 2021, Ameriprise notified its registered representatives (including Parker) that Company A, a non-traded real estate investment trust, would conduct a modified “Dutch Auction” self-tender offer (Offer) from October 12, 2021, through November 8, 2021, in which it would offer to purchase up to $100 million in Company A shares from its shareholders.
Parker, on November 2, 2021, allegedly instructed a trader to tender all Company A shares held in his customers’ accounts. Parker gave this instruction without obtaining written or oral authorization to tender the shares from any of the 277 customers who held Company A in 310 accounts. Parker did not have discretionary authority over any of the accounts. Payment for shares accepted for purchase under the Offer occurred on November 12, 2021, and shares tendered and not accepted for purchase were returned to customers. FINRA found that no customers complained, and Parker received no commissions for the transactions. By effecting 310 unauthorized trades, Parker violated FINRA Rule 2010.
Parker consented to a censure; a 30-calendar-day suspension from associating with any FINRA member in all capacities; and a $2,500 fine.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your broker. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Justin Parker, or have concerns regarding your investment portfolio at Ameriprise Financial Services, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.