Thomas David Sharp, of Folsom California, a stockbroker registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related civil action, in which the customer requested compensatory damages based upon allegations that Sharp made unsuitable investment recommendations to the customer concerning real estate investment trusts. Civil Action No. 34201700208443 (Mar. 6, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that a customer was awarded $40,333.81 in damages according to an investment related arbitration claim regarding Sharp’s misconduct, based upon findings that Sharp effected unsuitable CNL Lifestyle Properties, Inc. and CB Richard Ellis real estate investment trust transactions; conduct violative of FINRA Rules 2010 and 2210. Ameriprise Financial Services, Inc. was additionally found liable for failing to supervise Sharp’s activities in reference to the customer’s investment accounts.
Moreover, Sharp has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misleading and unbalanced statements to customers in regard to their investments in non-traded real estate investment trust products. Letter of Acceptance, Waiver and Consent, No. 20110271709 (July 14, 2014). Specifically, the AWC stated that Sharp failed to clearly describe the real estate investment trust’s performance, omitted that the trust’s operator, EG, was in poor financial shape, and made inaccurate statements about the real estate investment trust’s composition. FINRA found that Sharp’s conduct was violative of FINRA Rule 2010 and NASD Rule 2210(d).
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