Jonathan Michael Turner of Hershey, Pennsylvania, a stockbroker formerly registered with Ameriprise Financial Services, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings of Turner’s participation in private securities transactions when he was registered with Ameriprise Financial Services. Letter of Acceptance, Waiver, and Consent No. 2020068322501 (March 24, 2022).
According to the AWC, in September of 2019, Turner became a Chief Investment Officer for a credit card processing company called Company X. Raising capital from investors and creating new investment related vehicles was part of Turner’s overall responsibilities with Company X.
The AWC states that Turner took part in $200,000.00 in private securities transactions in December of 2019 while he was employed by Ameriprise Financial Services. Customers were steered by Turner towards investing in the company and were provided with forms from Turner to initiate purchases of investments. One of the customers used cash from their bank account to invest, while the other customer liquidated stock from an account held at Ameriprise Financial Services.
Ameriprise Financial Services was not made aware of the private securities transactions from Turner. The securities broker dealer did not authorize Turner’s selling away activities. FINRA also notes that Turner completed a compliance attestation denying involvement in any securities transactions that were not cleared by Ameriprise Financial Services.
Turner violated FINRA Rules 2010 and 3280 by selling away. He was associated with Ameriprise Financial Services between March 22, 2010, and April 6, 2020.