November 2019 – El Paso, Texas
According to publicly available records Steven T. Yellen , (CRD# 1281663) , a stockbroker who is currently suspended and who was last employed by Ameriprise Financial Services, disclose a recent regulatory event, a prior customer dispute and a termination of employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 10/2019, FINRA suspended Yellen for one year and assessed a fine of $25,000 to resolve various allegations including trading an account without permission and making unauthorized transfers of customer funds.
Yellen was the subject of a customer dispute while employed by Morgan Stanley Smith Barney. In 11/2015 Morgan Stanley paid a customer $5,000 to resolve allegations that Yellen did not follow instructions to transfer stocks to their children.
In January 2018 Ameriprise discharged Yellen and made the following allegation on his FINRA record: “Registered representative was discharged for violations of company policy related to outside business activities and options trading.”
Yellen was employed by Ameriprise Financial Services from 3/2016-1/2018. Prior to that he was employed by Morgan Stanley.
If you have questions about an account in an account handled by Steven Yellen , contact us for a no charge consultation to discuss your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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