Anthony Vincent Ferrone, of Paramus, New Jersey, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in an investigation into allegations of unsuitable trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 20160518297-01 (July 25, 2017).
According to the AWC, FINRA launched an investigation into Ferrone’s activities in October of 2016 – a time that he was associated with Ameriprise Financial Services, Inc. Particularly, Ferrone was suspected of trading unit investment trust products in the firm’s customer accounts without ascertaining whether the transactions were suitable for customers. Subsequently, on May 2, 2017, a letter was sent by FINRA to Ferrone which called upon him to provide recorded testimony concerning Ferrone having effected unsuitable transactions in the customer’s account.
Apparently, Ferrone failed to be forthcoming with FINRA on July 21, 2017; he did not finish testifying regarding the allegations of his wrongdoing. Ferrone evidently stated that he would not provide any more testimony in FINRA’s investigation, nor cooperate in the future. Consequently, Ferrone’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Ferrone has been identified in four customer initiated investment related disputes containing allegations of his misconduct while employed with Morgan Stanley Dean Witter and UBS Financial Services Inc. Particularly, on July 1, 1999, a customer initiated investment related dispute was settled for $15,000.00 in damages based upon allegations that Ferrone effected unauthorized transactions in the customer’s account and churned the customer’s investment portfolio.
Subsequently, on July 28, 2003, a customer filed an investment related arbitration claim involving Ferrone’s conduct, in which the customer requested $5,705.51 in damages based upon allegations that Ferrone made unsuitable recommendations regarding over-the-counter equities and annuities effected in the customer’s account. On December 29, 2004, another customer filed an investment related arbitration claim involving Ferrone’s conduct, in which the customer requested $5,000.00 in damages based upon allegations that Ferrone failed to execute upon the customer’s instructions concerning an insurance policy issued by Jackson National Life, and also effected an insurance policy without the customer’s consent that contained a penalty provision for accessing funds prior to the policy’s maturity.
On June 26, 2006, a customer filed an investment related written complaint involving Ferrone’s conduct, in which the customer requested $108,869.00 in damages based upon allegations that Ferrone effected unsuitable transactions in the customer’s account and made misrepresentations concerning mutual fund investments.
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