Sean Michael Refsnider of Haddon Heights 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 according to a FINRA Office of Hearing Officers Order Accepting Offer of Settlement containing findings of Refsnider failing to cooperate with a FINRA investigation. Department of Enforcement v. Sean Michael Refsnider Disciplinary Proceeding No. 2019063790901 (Oct. 15, 2020).
According to the Order, Refsnider was under investigation for converting an elderly customer’s funds. The Order indicated that Refsnider received a check form the customer and had used those funds to pay his personal expenses. The customer’s debt card had also been used by Refsnider to withdrawal funds and to make purchases for the stockbroker’s benefit.
On October 18, 2019, Refsnider was asked by the regulator to provide information and documents relating to his activities. He was told by FINRA that his failure to cooperate could result in disciplinary action. FINRA was alerted on October 21, 2019 that he would produce information and documents but by the October 25th deadline, Refsnider had not provided a response.
A second request for Refsnider’s information had been made by FINRA on October 30, 2019. The regulator asked for the stockbroker to provide credit card account statements and banking statements to verify transactions that were linked to the customer’s debt card. FINRA indicated that there was no response provided by Refsnider by the November 6, 2019 deadline.
FINRA stated that Refsnider provided recorded testimony on December 4, 2019. Still he failed to provide FINRA with the requested documents. Refsnider precluded the regulator from determining whether he converted the customer’s funds. FINRA determined that Refsnider’s obstruction of the investigation constituted the violation of FINRA Rules 2010 and 8210.
On August 20, 2019, the stockbroker was discharged by Ameriprise Financial founded on allegations of misappropriation of a customer’s funds.