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market selloff headline

Friday, March 21, 2014

Ameriprise Broker Used Customer Cash to Pay Plastic... But Wait, There's More!

Bill Singer of Broke and Broker expertly dissects the case of In the Matter of Jeffrey Scott Davis, Respondent (Letter of Acceptance, Waiver & Consent ("AWC") 2013037743101).

Jeffrey Scott Davis was formerly associated with Ameriprise, you know, Tommy Lee Jones' friends who are always there to help you with retirement, and last week he submitted his AWC, which FINRA accepted, and with that, Mr. Davis was banned for life from the business.

Mr. Davis did this voluntarily, instead of having the regulatory process against him continue. Once you read Bill Singer's analysis that decision begins to make perfect sense. It involved allegations that he went on a spree using customers' money to make electronic ACH payments of his credit card accounts.

According to FINRA, Mr. Davis had no prior regulatory events in his sixteen-year history in the securities industry.  According to Mr. Singer, what went missing from the AWC is far more troubling than what appeared.

Read the whole story at BrokeandBroker.