Lori Cousineau Weaver, of Renton, Washington, a stockbroker formerly registered with Ameriprise Financial Services, Inc. were sanctioned by The State of Washington Securities Division based on an Order which imposed fines and a suspension of Weaver’s securities registration based upon consenting to findings that Weaver and Ameriprise Financial Services effected unsuitable sales of non-traded real estate investment trusts to elderly customers. Case No. S-14-1575-15-SC01 (Feb. 23, 2016).
According to the Statement of Charges, Weaver and Ameriprise Financial Services omitted information concerning the liquidity, commissions, and fees pertaining to the real estate investment trusts. Further, the firm was alleged by The State of Washington’s Securities Division to have failed to supervise Weaver’s activities.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Weaver has been identified in seven customer initiated investment related disputes containing allegations of Weaver’s misconduct while employed with Ameriprise Financial Services. Particularly, on June 22, 1999, a customer filed an investment related complaint involving Weaver’s conduct, in which the customer requested $19,000.00 in damages based upon allegations that Weaver effected an unauthorized surrender of a variable universal life insurance policy and a flexible annuity contract.
Additionally, on March 11, 2010, a customer filed an investment related written complaint involving Weaver’s activities, in which the customer requested $9,450.00 in damages based upon allegations that Weaver effected an unsuitable real estate investment trust transaction. On October 31, 2011, another customer filed an investment related written complaint regarding Weaver’s activities, in which the customer requested $84,014.42 in damages based upon allegations that Weaver effected unsuitable transactions in the customer’s investment account concerning real estate investment trust products.
On October 8, 2015, a customer filed an investment related written complaint involving Weaver’s conduct, in which the customer requested $58,551.12 in damages based upon allegations that Weaver made misrepresentations and unsuitable investment recommendations to the customer concerning Hines and Inland American Real Estate Investment Trusts. Subsequently, on October 30, 2015, a customer initiated investment related written complaint involving Weaver’s conduct was settled for $14,944.48 in damages based upon allegations that Weaver effected unauthorized transactions concerning a rollover into a variable annuity. Further, on August 4, 2016, a customer filed an investment related written complaint regarding Weaver’s activities, in which the customer requested $31,082.97 in damages based upon allegations that Weaver effected unsuitable real estate investment trust sales.
Weaver has also been named in a customer initiated investment related written complaint on October 14, 2016, in which the customer requested $108,618.33 in damages based upon allegations that Weaver failed to apprise the customer about illiquidity pertaining to the customer’s real estate investment trust purchases
Weaver’s registration with Ameriprise Financial Services, Inc. was terminated on July 28, 2015. From July 24, 2015, to August 9, 2016, she was registered with UBS Financial Services, Inc.
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