Justin Parker, of Itasca, Illinois, a stockbroker and financial advisor registered with Ameriprise Financial Services was censured, suspended for 30 days, and ordered to pay a fine of $2,500 by FINRA because he allegedly “instructed a trader to effect 310 unauthorized transactions in the non-discretionary accounts of 277 customers,” which were part of a “modified ‘Dutch Auction’ self-tender offer” involving a non-traded real estate investment trust’s offer to buy as much as $100 million in shares from its shareholders. Letter of Acceptance, Waiver, and Consent No. 2022076380901.
According to FINRA, Parker directed the trader “to tender all [of the REIT’s] shares held in his customers’ accounts” without obtaining the customers’ written or oral authorization, and without discretionary authority over their accounts.
FINRA Public Disclosure shows that in 2009, it was alleged that Parker, during the period he was associated with Ameriprise, failed to follow instructions to liquidate positions, recommended unsuitable investments, made misrepresentations and omissions of material facts, breached his fiduciary duty, and was negligent. The complaint was settled for $25,000.
The Guiliano Law Group, P.C.
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If you believe that you have been the victim of misconduct or fraud, contact us for a free consultation. We handle all cases on a contingency fee basis meaning that there is no cost or obligation, unless we are able to make a recovery for you.
