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Ameriprise Broker Jeffrey Davis Barred By FINRA for Converting Customer Funds

Ameriprise Broker Jeffrey Davis Barred By FINRA for Converting Customer Funds

Ameriprise Broker Jeffrey Davis Barred By FINRA for Converting Customer Funds 150 150 Rex Securities Law

 

 Jeffrey Scott Davis , a former broker with Ameriprise Financial Services, in Virginia Beach, Virginia submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA (Financial Industry Regulatory Authority)  member in any capacity. Without admitting or denying the findings, Davis consented to the sanction and to the entry of findings that he converted $116,976.69 from the brokerage accounts of member firm customers for his personal use and benefit. The findings stated that Davis effected 71 unauthorized electronic automated clearing house (ACH) payments and directed those funds to his personal credit card accounts. None of the customers permitted Davis to transfer or otherwise use their funds for any purpose. (FINRA Case #2013037743101)

 

According to FINRA records, Davis was discharged by Ameriprise in July 2013 with the following entry on his CRD:

“Registered representative was suspended on June 26, 2013 and terminated on July 19, 2013 after the firm concluded client funds were misappropriated via ACH transfer to pay personal credit cards held in the name of the advisor”

Davis was previously registered as follows:

Ameriprise Financial Services  9/2000-7/2013

IDS Life Insurance Company 9/2000-7/2006

Waddell & Reed, Inc.  7/1998-7/2000

If you have questions about transactions in your brokerage account or would like to know more about the process of recovering losses on investments, call to speak with an experienced securities attorney.

Rex Securities Law , located in Boca Raton, FL, 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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