Cynthia S. Beyerlein of Lancaster, Pennsylvania, a stockbroker registered with Ameriprise Financial Services LLC, has been fined and suspended for eight months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Beyerlein, in 2021, while registered through an association with Ameriprise, Beyerlein borrowed approximately $190,000 from a firm customer without providing prior written notice to, or obtaining written approval from Ameriprise. Letter of Acceptance, Waiver, and Consent No. 2022076420001 (April 8, 2023).
Beyerlein was discharged by Ameriprise on March 7, 2023. The Uniform Termination Notice for Securities Industry Registration (Form U5) showed that the termination was because of violations of Ameriprise’s internal policies, which included accepting a loan of approximately $190,000.00 from two customers, failing to disclose an outside business activity, and not cooperating with an internal review.
FINRA’s investigation revealed that none of the loans Beyerlein accepted met the conditions of Ameriprise’s written supervisory procedures or FINRA Rule 3240, which restricts borrowing between a stockbroker and a customer unless certain conditions are met. The loans were not disclosed to Ameriprise, nor were they approved by the firm, which was required under the circumstances.
Additionally, the loans were not used for any business purpose but were instead used for Beyerlein’s personal expenses. The repayment terms for these loans were not established, and Beyerlein did not provide any written documents or notifications regarding the loans to Ameriprise. Therefore, Beyerlein violated FINRA Rules 3240 and 2010.
Beyerlein was associated with Ameriprise Financial Services LLC in Lancaster, Pennsylvania from April 25, 2014, to March 7, 2023.
