An ex-Ameriprise representative who allegedly converted more than $42,000 of an elderly client’s funds for his own use has been barred from associating with any Financial Industry Regulatory Authority member firm in any capacity, according to an order filed Thursday by the FINRA Department of Enforcement.
On Tuesday, Sean Michael Refsnider submitted an Offer of Settlement in which he consented, without admitting or denying the allegations made by FINRA in an April 28 complaint, to FINRA’s sanction.
“The advisor’s conduct was wholly inconsistent with our values and in direct violation of our clear policies and procedures,” Ameriprise said Friday, repeating what it said in a statement provided April 30. “We quickly detected and stopped the activity, ensured the client was fully reimbursed, terminated the advisor and notified the proper authorities.”
Refsnider, who is no longer registered as a broker or RIA, 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 report 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.