George Herman IV Snyder, formerly registered with Ameriprise Financial Services LLC in Springfield, Missouri, has been sanctioned by Financial Industry Regulatory Authority (FINRA) following allegations of violating Regulation Best Interest under Rule 15l-1 of the Securities Exchange Act of 1934. FINRA claimed Snyder made unsuitable investment recommendations that were not in his customers’ best interests. Letter of Acceptance, Waiver, and Consent (AWC) No. 2022076795001.
From January 2022 to August 2022, Snyder recommended 33 leveraged exchange-traded funds (NT-ETPs) and equity securities to 18 retail customers. Snyder failed to understand or disclose the risks and features of these products, such as their volatility and holding-period risks. He did not assess whether these investments were appropriate for his customers, many of whom had little or no experience with such products. The customers incurred total losses of approximately $30,000. Six of them were senior investors, while five had conservative or moderate risk tolerances.
FINRA also found that Snyder mismarked 32 order tickets as unsolicited when the trades were actually solicited. This caused his firm to maintain inaccurate books and records. Additionally, Snyder executed six discretionary trades without obtaining written authorization from the customers or approval from his firm, which violated Ameriprise Financial Services’ policies prohibiting discretionary trading in brokerage accounts.
On October 11, 2024, Snyder agreed to a Letter of Acceptance, Waiver, and Consent (AWC) without admitting or denying the findings. He received a five-month suspension from associating with any FINRA member, effective October 21, 2024, through March 20, 2025. FINRA also imposed a $10,000 fine and ordered Snyder to disgorge $3,699.03 in commissions, plus interest.
Snyder was associated with Ameriprise Financial Services LLC from October 2, 2000, until November 3, 2022.
