Drew R. Mantel (also known as Drew R. Mentel) of Miamisburg Ohio a stockbroker formerly registered with Ameriprise Financial Services has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Mantel executed trades in customers’ accounts on an unauthorized basis while registered with Ameriprise. Letter of Acceptance Waiver and Consent No. 2018058120201 (Dec. 15, 2020).
According to the AWC, between June of 2017 and January of 2018, during the period that Mantel was associated with Edward Jones, he placed transactions in customers’ accounts by using his discretion rather than by following customers’ instructions. He did not obtain pre-trade confirmation from customers before effecting 110 transactions in seven customer accounts. Four of those accounts in which Mantel exercised discretion had been owned by elderly investors.
The AWC stated that between June of 2018 and September of 2019, while registered with Ameriprise, Mantel effected 30 more trades on a discretionary basis in seven customer accounts. The AWC stated that two investment accounts were owned by senior citizens.
Mantel failed to get written authorization from customers to trade in their accounts using discretion. Edward Jones and Ameriprise also prohibited stockbrokers from engaging in discretionary trading absent circumstances which did not apply to Mantel.
The AWC stated that Mantel also traded on a discretionary basis after being disciplined for it by Edward Jones and Ameriprise. He was warned by both securities broker dealers and instructed to comply with their policies. Mantel’s trading was violative of FINRA Rules 2010 and 3260(b) and National Association of Securities Dealers (NASD) Rule 2510.
FINRA Public Disclosure reveals that a customer filed an investment related complaint regarding Mantel’s activities where the customer sought more than $5,000.00 in damages founded on accusations that the customer had been provided with false information relating to the purchase of the customer’s annuity.
Mantel was discharged by Ameriprise on October 30, 2020 based upon allegations of his violation of company policies concerning customer orders.
