Mark Nicholas Wesley, of Independence, Ohio, a stockbroker with Ameriprise Financial Services, Inc., was permitted to resign by the firm on June 17, 2016, based upon allegations that Wesley, inter alia, effected authorized trades in in customer accounts, and utilized discretion in accounts without firm approval.
FINRA Public Disclosure reveals that Wesley has been named in six customer disputes concerning allegations of Wesley’s misconduct while registered with Ameriprise Financial Services, Inc. and American Express Financial Advisors. Particularly, on July 31, 2002, a customer filed a complaint involving Wesley’s conduct, in which the customer sought $8,000.00 in damages based upon allegations that Wesley misled the customer concerning AXP Retirement Advantage Variable Annuity and the customer’s American Express brokerage account.
On April 25, 2006, a customer initiated investment related arbitration claim involving Wesley’s conduct was settled for $55,000.00 in damages based upon allegations that American Express Financial Advisors and Wesley made recommendations for the customer’s monies to be placed into speculative and unsuitable investments.
Subsequently, on June 9, 2003, a customer filed a complaint concerning Wesley’s conduct, in which the customer requested $550,000.00 in damages based upon allegations that Wesley and American Express Financial Advisors failed to oversee the customer’s investments, which caused the customer to suffer financial losses. On August 25, 2008, another customer initiated investment related arbitration claim concerning Wesley’s conduct was settled for $45,000.00 in damages based upon allegations that Wesley made unsuitable investment recommendations in mutual funds investments, and mismanaged the customer’s investment account.
Moreover, on September 9, 2014, a customer initiated investment related arbitration action involving Wesley’s activities was resolved for $7,500.00 in damages based upon allegations including misrepresentations and omissions, breach of fiduciary duty, negligence, unsuitability, and fraud in connection with the customer’s positions in American Real Estate Investment Trust and CNL Lifestyle Properties Real Estate Investment Trust.
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