John Scott Elliott, of Overland Park, Kansas, a stockbroker formerly registered with Ameriprise Financial Services, Inc., 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 failed to respond to a FINRA information request. Letter No. 2016051253201 (Dec. 1, 2016).
FINRA Public Disclosure reveals that Elliott has been named in two customer initiated investment related disputes containing allegations of his misconduct while employed with Ameriprise Financial Services, Inc. Specifically, on November 2, 2016, a customer filed an investment related arbitration claim involving Elliott’s conduct, in which the customer requested $85,000.00 in damages based upon allegations that Elliott, from October of 2012 to April of 2014, recommended that the customer pursue an equity investment in Selden Companies, LLC, which was offered outside the auspices of Ameriprise Financial Services. The customer additionally alleged that Elliott made misrepresentations to the customer concerning the risks of the investment.
Subsequently, on November 11, 2016, another customer filed an investment related arbitration claim regarding Elliott’s activities, in which the customer requested $853,000.00 in damages based upon allegations that Elliott solicited the customer for an outside investment in Selden Companies, LLC., which the customer claimed consisted of a Ponzi scheme.
Elliott was terminated from Ameriprise Financial on August 8, 2016, based upon allegations that he sold away from his firm.
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