October 16, 2024

Ex-Ameriprise Broker Sanctioned Over Leveraged ETFs

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Snyder also mismarked as unsolicited 32 order tickets related to these transactions, causing his firm to make inaccurate books, and exercised discretionary authority for six transactions without clients’ prior written consent, FINRA said, noting that Ameriprise procedures prohibited discretionary trading in brokerage accounts.

Specifically, Snyder recommended that 13 retail customers invest in NT-ETPs on 18 occasions; on 15 occasions, he recommended that 11 customers (including six of the 13 customers whom he recommended invest in the NT-ETPs), buy securities of two companies engaged in crypto asset mining, FINRA found.

“Snyder did not have a reasonable basis to believe that the investments he recommended were suitable for any retail customer” and didn’t understand the features and risks associated with the investments, according to the authority.

Customers who purchased the recommended stocks suffered $30,000 in losses; Ameriprise offered to rescind the relevant transactions, FINRA said.

Image: FINRA

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