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September 29, 2023 at 03:03 PM
A former Ameriprise broker was suspended for six months and fined $5,000 by the Financial Industry Regulatory Authority after she failed to disclose in a timely manner a felony conviction she received for driving while under the influence of alcohol and then made false statements in four disclosures she provided to the firm.
Without admitting or denying the regulator’s findings, Jean A. St. Pierre signed a FINRA letter of acceptance, waiver and consent on Monday to settle the alleged FINRA rule violations and prevent any future actions against her based on the same findings.
Why it matters: As the regulator points out, a broker is subject to “statutory disqualification” from membership, or association with a member, for 10 years after conviction of certain crimes, including any felony. Brokers are required to report felony charges within 30 days of learning of them.
What to know: St. Pierre was a registered broker at an Ameriprise office in Overland Park, Kansas, from August 1990 to April 2023, according to her report on FINRA’s BrokerCheck website. She was also a registered representative for Ameriprise starting in September 2015.
On April 25, 2023, Ameriprise filed a Form 5 Uniform Termination Notice disclosing it terminated St. Pierre’s registration “due to FINRA statutory disqualification.”
The firm did not immediately respond to a request for comment on Thursday.
In March 2018, while St. Pierre was associated with Ameriprise, she was charged with the felony offense of driving while under the influence of alcohol, according to FINRA. St. Pierre pleaded guilty to the felony in August 2018 and “knew that she had been charged with a felony, but she did not amend her Form U4 to disclose the felony charge within 30 days of learning of it,” the FINRA AWC letter said.
On March 2, 2023, St. Pierre finally filed an amended Form U4 to disclose the felony charge and conviction, according to FINRA.
