Randyl Robert Taber of West Des Moines Iowa a stockbroker formerly employed by Ameriprise Financial Services Inc. has been discharged by the firm on May 10, 2017 based upon accusations that Taber committed numerous violations of Ameriprise Financial Services’ policy by implementing an “investment strategy” that was not suitable for customers of the firm.
FINRA Conduct Rule 2111 requires a member or an associated person must have a reasonable basis to believe that a recommended investment strategy involving a security or securities is suitable for the customer, and specifically provides that:
(a) A member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.
FINRA Manual, FINRA Conduct Rule 2111 (CCH 2015).
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Taber is referenced in two customer initiated investment related disputes pertaining to accusations of his misconduct. Particularly, a customer filed an investment related complaint concerning Taber’s activities where the customer sought $63,830.08 in damages supported by accusations that while Taber was associated with A.G. Edwards & Sons, Inc., unauthorized over-the-counter equities transactions were executed in the customer’s account.
Then, on August 28, 2012, a customer filed an investment related complaint regarding Taber’s conduct where the customer sought damages estimated to exceed $5,000.00 founded on allegations that while Taber was associated with Wells Fargo Advisors, LLC, omissions had been made to the customer about both the risk of the customer losing money in a variable annuity and the fees that would be assessed to the customer upon surrendering the annuity.
Taber’s registration with Ameriprise Financial Services, Inc. has been terminated as of June 1, 2017. Between June 26, 2017 and March 26, 2018, Taber was employed by International Assets Advisory, LLC. Since March 29, 2018, Taber has been registered with Saxony Securities, Inc.
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