John E. Burns (John Burns) Suspended from Securities Industry, Permitted to Resign from Ameriprise Financial Services, Inc. and Fired by UBS Financial Services, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - John E. Burns (John Burns) Suspended from Securities Industry, Permitted to Resign from Ameriprise Financial Services, Inc. and Fired by UBS Financial Services, Inc.
From 2014 until John Burns’ resignation in 2015, John Burns was licensed with Ameriprise Financial Services, Inc. John Burns was subsequently licensed with Sagepoint Financial, Inc. and was previously licensed with UBS Financial Services, Inc. According to FINRA’s records, John Burns was permitted to resign from Ameriprise Financial Services, Inc. on September 21, 2015. Ameriprise Financial Services, Inc. reported to FINRA that John Burns was suspended and permitted to resign on for company policy violations including: unauthorized trading; unauthorized use of discretion; soliciting equities not meeting firm rating requirements; and inaccurate client file documentation.
FINRA also reports that John Burns was previously fired by UBS Financial Services, Inc. on August 5, 2014. UBS Financial Services, Inc. reported to FINRA that John Burns’ employment was terminated after John Burns acknowledged during a firm review that, after the firm had denied John Burns’ application to include a particular company in the firm’s client referral fee program, he paid client referral fees directly to that company outside of the firm’s payment structure.
FINRA investigated John Burns and brought a disciplinary action against John Burns. John Burns consented to a 14 month suspension from the securities and investment banking industry and a $17,500 fine. John Burns also consented to the entry of findings that John Burns engaged in a pattern of unauthorized trading in nine separate customer accounts and made unsuitable, risky investments for a senior couple. The findings stated that John Burns did not have written discretionary authority to place trades in any of these customer accounts. According to FINRA, in four customer accounts, John Burns executed the trades without any authorization. The findings also stated that John Burns made unsuitable and unauthorized investments over a two-year period in the account of a senior retired couple, both of whom were over 65 years old. According to FINRA, these transactions involved repeated high-risk investments in small drug company stocks which were unsuitable for the customers’ moderate risk tolerance and investment profile.
FINRA reports that four complaints and/or arbitration claims have been filed involving John Burns’ conduct with UBS Financial Services, Inc. and/or Ameriprise Financial Services, Inc., alleging unsuitable recommendations, falsified account agreements, misrepresentation and/or other allegations. These complaints and/or arbitration claims all settled, with the largest settling for $125,000.
If you lost any money on investments with John Burns, you may be able to recover your losses from Sagepoint Financial, Inc., Ameriprise Financial Services, Inc. and/or UBS Financial Services, Inc. This is because Sagepoint Financial, Inc., Ameriprise Financial Services, Inc. and UBS Financial Services, Inc. had a duty to supervise John Burns.
If you lost money on investments with John Burns, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Sagepoint Financial, Inc., Ameriprise Financial Services, Inc. and/or UBS Financial Services, Inc. concerning John Burns’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with John Burns and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Keywords: John Burns, Ameriprise Financial, FINRA, Ameriprise Financial, UBS Financial Services, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, SecuritiesBack to Blogs