National investment loss lawyers KlaymanToskes is investigating broker Scott Taubman (CRD# 4809824) of Ameriprise Financial Services, who has been suspended from acting as a broker by the Financial Industry Regulatory Authority (“FINRA”), following allegations that he borrowed $62,500 from two senior customers, without prior notice to or written approval from his member firm.
FINRA’s investigation disclosed that Ameriprise learned of the loans in 2021 and conducted an investigation, during which Taubman confirmed that he had received, in total, approximately $100,000 from the customers. The findings also stated that Taubman falsely attested in his annual compliance questionnaires that he was in compliance with his firm’s policies and procedures.
While Taubman was associated with Ameriprise, the firm’s written supervisory procedures prohibited registered representatives from borrowing money from a customer without permission from the firm unless the customer was an immediate family member or a financial institution or if “the lending arrangement [was] based on a business relationship outside of the advisor-client relationship,” provided the representative notified the firm of the lending arrangement and received written approval prior to entering into the arrangement.
According to FINRA BrokerCheck, broker Scott Taubman was previously registered with Ameriprise Financial Services from March 2017 to September 2022, when he resigned from the firm following allegations of violations of company policy associated with receiving a loan from a client and an undisclosed judgment.
Investors that suffered losses with broker Scott Taubman are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations.
The articles linked below contain important information relating to the complaint against broker Scott Taubman:
If you suffered losses with broker Scott Taubman, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.
The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.
*Exclusive of attorneys fees and costs.
Signs Investors Should Look Out For About Their Brokerage Accounts:
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Scott Taubman. These signs could potentially indicate broker misconduct, negligence, or investment fraud. Investors are encourage 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.
According to FINRA, brokerage firms such as Ameriprise Financial Services are responsible for the supervision of all of the activities of their registered brokers and investment advisors. Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Engaging the services of an experienced securities attorney to evaluate the specific circumstances of your case 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 Scott Taubman 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 to discuss recovery options.