Filed Under:Your Practice, Regulatory

FINRA fines Ameriprise $750,000

Minneapolis, the home base of Ameriprise Financial.
Minneapolis, the home base of Ameriprise Financial.

FINRA announced today that it has fined Ameriprise Financial Services Inc. and its affiliated clearing firm, American Enterprise Investment Services Inc., (AEIS) $750,000 for failing to properly supervise and monitor wire transfer requests and the transmission of customer funds to third-party accounts.

The fine relates to a prior enforcement action FINRA levied against a former Ameriprise registered representative, Jennifer Guelinas. Guelinas, according to FINRA, took approximately $790,000 from two senior citizen customers over a four-year period by forging their signatures on wire transfer requests and then putting the funds in bank accounts she controlled. Ameriprise has paid full restitution to the customers following an investigation, FINRA noted. Guelinas was barred by the agency in 2011.

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Nichole Morford

Nichole Morford
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