Daniel T. Minich of Bradford, Pennsylvania, a stockbroker formerly registered with Ameriprise Financial Services LLC, has been fined $5,000.00 and suspended for four months from associating with any FINRA member in any capacity based upon allegations that Minich engaged in private securities transactions or “selling away.” Order Accepting Offer of Settlement No. 2020066999801 (June 6, 2022).
According to the Order, between June 2019 and October 2019, Minich participated in three private securities transactions valued at approximately $200,000.00 where he failed to obtain prior written authorization from Ameriprise Financial Services LLC.
In June 2019, in exchange for a limited partnership interest, Minich personally invested $50,000.00 into a hedge fund without prior written notice to Ameriprise Financial Services LLC. In September and October 2019, in exchange for limited partnership interests, Minich got two firm customers to invest $150,000.00 in the same hedge fund. Minich did not provide written notice to Ameriprise Financial Services LLC regarding these transactions. He also gave false statements to the securities broker dealer in January 2020 about the private securities transactions. FINRA found that Minich violated Rules 2010 and 3280.
Minich resigned from Ameriprise Financial Services LLC during the time that he was investigated for selling away. He was associated with the securities broker dealer from 2015 to 2020.
