Shawn Parker Investigation
July 2022-Schaumburg, IL
According to publicly available records Shawn Elizabeth Parker,a former broker who last worked for Ameriprise Financial Services, discloses a final regulatory matter resulting in a permanent bar from the industry, 8 prior customer disputes and a termination from 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 4/2022 Parker consented to the sanction and to the entry of findings that she converted $25,000 from member firm. The findings stated that Parker hosted an annual training and educational event for approximately 250 clients during the holiday season at a local venue. At conclusion of the event, the venue issued an invoice detailing the charges incurred, including the costs of the food and beverages served, which Parker paid. At the conclusion of the event, Parker directed her staff to prepare reimbursement requests to be submitted to the firm, seeing reimbursement for Parker from wholesaler contributions that had been provided at the event. For at least two of the events, the expense reports submitted at Parker’s direction falsified invoices that overstated the total amount of reimbursable expenses incurred at the event. As a result, Parker received at least $25,000 to which she was not entitled. As a result of this action, Parker was barred from FINRA in all capacities.
In FINRA case #09-05403 , an Ameriprise Financial Services customer alleged that Parker failed to follow instructions to liquidate his account, causing damages. The case settled for $25,000.
Several other customers brought claims against Parker for unsuitable recommendations of BDC and REITs and other alternative investments, however those customers withdrew their claims for unknown reasons.
In 6/2020, Parker was permitted to resign from Ameriprise Financial Services, following disciplinary action for compliance policy violations.
If you have questions about an account handled by Shawn Elizabeth Parker contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
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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