February 9, 2016- Plano, Texas
William Wesley Marshall entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he participated in private securities transactions, raising $1.72 million for BioChemics Scientific, a biopharmaceutical company that claimed to specialize in a purported transdermal drug delivery system.
According to FINRA, Marshall, while working for Ameriprise Financial Services, continued to remain under a consulting contract with BioChemics who had agreed to compensate him for raising capital. Ameriprise Financial did not offer privately issued shares of BioChemics for purchase by investors during that time.
Although Marshall’s supervisor was aware of Marshall’s participation with BioChemics at the time he joined Ameriprise, he did not provide the firm with any written notice of that involvement.
AWC No. 2012033291204
Marshall was fined $10,000 and suspended from association with any FINRA member for 15 months.
FINRA records indicate that Marshall was registered with Summit Brokerage Services since 1/2011. Prior to that he was registered with Southwest Securities from 1/2002-2/2011.
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