Lorene Fairbanks, of Canfield, Ohio, a stockbroker registered with Ameriprise Financial, has been terminated from employment on May 18, 2017, based upon allegations that Fairbanks borrowed funds from a customer and corresponded with customers in violation of the firm’s policies.
This is not the first time that Fairbanks has been terminated from employment based upon allegations of her wrongdoing. Particularly, Fairbanks was fired from Merrill Lynch, Pierce, Fenner & Smith Incorporated on February 21, 2012, based upon allegations that she effected unauthorized trades in customer accounts and failed to accurately mark customer orders.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Fairbanks has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he traded in customer accounts without authorization and mismarked customers’ order tickets. Letter of Acceptance, Waiver and Consent, No. 2012031855001 (Sept. 2, 2014). FINRA found Fairbanks’ conduct, which entailed effecting at least fifty-seven transactions without customers’ approval in writing, to be violative of FINRA Rules 2010 and 4511, as well as NASD Rules 2110, 3110 and 2510(b).
Moreover, Fairbanks has been identified in six customer initiated investment related disputes that contain allegations of her wrongdoing during which time she was employed with Citigroup Global Markets and Merrill Lynch, Pierce, Fenner & Smith, Incorporated. Specifically, on August 20, 2004, a customer filed an investment related written complaint involving Fairbanks’ conduct, in which the customer sought $30,000.00 in damages based upon allegations that she effected unsuitable equity transactions in the customer’s account.
Subsequently, on September 4, 2012, a customer initiated investment related arbitration claim regarding Fairbanks’ activities was resolved for $262,541.00 in damages founded upon allegations against Fairbanks of misrepresentation, unsuitable investment recommendations, excessive trading, and unauthorized options and mutual fund transactions. On October 15, 2012, another customer initiated investment related written complaint involving Fairbanks’ conduct was settled for $11,050.00 in damages based upon allegations that she made unsuitable investment recommendations to the customer and placed equity trades in the customer’s account without authorization.
Further, on September 24, 2013, a customer initiated investment related arbitration claim pertaining to Fairbanks’ activities was settled for $72,000.00 in damages based upon allegations that she induced the customer’s options transactions by making misrepresentations, and effected transactions in the customer’s account without consent. Additionally, on December 17, 2015, a customer initiated investment related arbitration claim regarding Fairbanks’ activities was resolved for $15,000.00 in damages based upon allegations that she negligently managed and churned the customer’s portfolio, made misrepresentations regarding equities, and breached her fiduciary and contractual obligations to the customer.
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