Thomas David Sharp (also known as Tom Sharp) of Gold River, California, a stockbroker formerly registered with Ameriprise Financial Services LLC, has been fined $10,000.00 and suspended for 45 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Sharp borrowed money from a customer in violation of firm policies. Letter of Acceptance, Waiver, and Consent No. 2024081709401 (April 3, 2025).
According to the AWC, Sharp borrowed $27,500.00 from a customer despite the fact that this activity was prohibited under Ameriprise’s Written Supervisory Procedures (WSPs). The customer had agreed to provide the funds as a loan from a trust account, which Sharp had been overseeing in his roles as representative of record and trustee. Therefore, FINRA found that Sharp violated Rules 2010 and 3240. As a result, suspended Sharp in all registration capacities beginning April 7, 2025, and ending May 21, 2025.
This is not the first time that Sharp has been the subject of a regulatory action concerning Sharp’s conduct in the securities industry. FINRA Public Disclosure shows that Sharp has been suspended and fined $5,000.00 by FINRA because Sharp failed to provide fair and balanced communications regarding a real estate investment trust (REIT). Letter of Acceptance, Waiver, and Consent No. 2011027170903 (July 14, 2014).
According to the AWC, FINRA initiated a regulatory action against Sharp in connection with email communications he sent to potential investors about a non-exchange traded REIT. The findings stated that the emails failed to present a fair and balanced view of the investment and did not offer sufficient way for evaluating the claims made. Specifically, the messages did not clearly explain the composition of the REIT’s portfolio or its performance. Investors ultimately contributed a total of $75,000.00 to the REIT after receiving the emails and engaging in additional conversations with Sharp. Therefore, Sharp violated NASD Rule 2210(d).
FINRA Public Disclosure also shows that on July 31, 2015, a customer initiated investment related FINRA securities arbitration claim involving Sharp’s conduct resulted in the customer being awarded $31,156.99 in compensatory damages because Ameriprise Financial Services Inc. was held liable for sales practice violations. FINRA Arbitration No. 15-00363. The Statement of Claim alleged that the stockbroker violated FINRA Rules 2210 and 2010 and made the unsuitable investment recommendation of real estate investment trusts or REITs when he was associated with Ameriprise Financial Services Inc.
Sharp was also referenced in a customer initiated investment related FINRA securities arbitration claim that was settled for $147,000.00 in damages based upon allegations that Sharp gave unsuitable advice to the customer about real estate investment trusts when Sharp was associated with Ameriprise Financial Services Inc. FINRA Arbitration No. 17-01061 (July 24, 2018).
On June 30, 2020, a customer initiated investment related FINRA securities arbitration claim involving Sharp’s conduct was settled for $35,000.00 in damages based upon allegations that Sharp made unsuitable recommendations in WP Carey, CNL, and CRB Realty products, made false representations about REITs, committed fraud, and breached his fiduciary duties. FINRA Arbitration No. 19-00889.
Sharp was associated with Ameriprise Financial Services LLC in Gold River, California from July 29, 2020 to April 22, 2024, when Ameriprise Financial Services LLC discharged Sharp based upon allegations that Sharp violated firm policy related to commingling funds.
