Jeffrey Scott Davis, of Virginia Beach, Virginia, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related written complaint on January 4, 2017, in which the customer requested $20,415.28 in damages based upon allegations that Davis omitted information concerning the fees and surrender penalties on two variable annuities which the customer purchased.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Davis has been named in five additional customer initiated investment related disputes containing allegations of his misconduct while employed with Ameriprise Financial Services, Inc. Particularly, on July 28, 2008, a customer filed an investment related complaint involving Davis’ conduct, in which the customer requested $7,500.00 in damages based upon allegations that Davis failed to disclose fees to the customer pertaining to mutual fund investments.
Subsequently, on December 29, 2009, a customer filed an investment related written complaint regarding Davis’ activities, in which the customer requested $71,141.00 in damages based upon allegations that Davis effected unsuitable, excessive, and unauthorized mutual fund transactions in the customer’s account. On October 2, 2013, a customer initiated investment related written complaint involving Davis’ conduct was settled for $49,413.22 in damages based upon allegations that Davis misappropriated the customers’ funds, and committed forgery in connection with a variable annuity transaction.
Further, on October 21, 2013, a customer filed an investment related written complaint regarding Davis’ activities, in which the customer requested $39,197.13 in damages based upon allegations that Davis forged checks which had been subsequently drawn on the account of the customer. On February 18, 2016, a customer initiated investment related arbitration claim involving Davis’ conduct was settled for $1,750,000.00 in damages based upon allegations that from 2012 to 2013, Davis misappropriated the customer’s monies.
Davis was terminated from Ameriprise Financial Services, Inc. on July 19, 2013, based upon allegations that he misappropriated customer funds from the firm’s customers by way of effecting automated clearing house transfers from customer accounts to cover Davis’ credit cards. On March 11, 2014, Davis was permanently barred from associating with any FINRA member in any capacity based upon consenting to findings that he converted $116,976.99 from customers’ brokerage accounts, which was conduct violative of FINRA Rules 2150 and 2010. Letter of Acceptance, Waiver and Consent, No. 2013037743101 (Mar. 11, 2014).
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