Michael Amundson, of Fargo, North Dakota, a stockbroker formerly registered with RBC Capital Markets, LLC, has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. 2016051091101 (August 21, 2017).
According to the AWC, Amundson sold mutual funds from a customer’s investment account without ever having contacted the customer beforehand. Apparently, the customer never authorized Amundson’s activities. The AWC stated that Amundson was made aware that the firm’s policies and procedure disallowed Amundson from effecting trades in accounts not labeled as discretionary absent approval from the firm. Consequently, FINRA found Amundson’s conduct violative of FINRA Rule 2010.
FINRA Public Disclosure reveals that Amundson’s registration was terminated by RBC Capital Markets LLC on August 1, 2016, based upon allegations of his liquidation of customer holdings without authorization.
Since September 2, 2016, Amundson has been registered with Wells Fargo Clearing Services, LLC.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
