The Financial Industry Regulatory Authority’s Department of Enforcement filed a complaint Tuesday against an ex-Ameriprise representative, alleging he converted more than $42,000 of an elderly client’s funds for his own use.
“The advisor’s conduct was wholly inconsistent with our values and in direct violation of our clear policies and procedures,” Ameriprise said in a statement Thursday. “We quickly detected and stopped the activity, ensured the client was fully reimbursed, terminated the advisor and notified the proper authorities.”
The former Ameriprise broker, Sean Michael Refsnider, did not immediately respond to requests for comment Thursday.
Refsnider was a representative at Ameriprise from 2012 until Aug. 20, 2019, when he was terminated by the firm after it concluded that the client’s funds were misappropriated, according to a disclosure on his profile at FINRA’s BrokerCheck website.
On Jan. 21, FINRA made a preliminary determination to recommend that disciplinary action be brought against Refsnider for the conversion of funds, as well as his failure to respond to FINRA’s requests for documents and information while the regulator was investigating his actions, according to BrokerCheck.