Goodman & Nekvasil P.A., May Recover Losses on Investments or Misappropriation of Funds – Jeffrey Scott Davis (Jeffrey Davis) Barred from Securities Industry and Fired by Ameriprise Financial Services, Inc.
From 2000 until Jeffrey Davis’ firing in 2013, Jeffrey Davis was licensed with Ameriprise Financial Services, Inc. According to FINRA’s records, Jeffrey Davis was fired by Ameriprise Financial Services, Inc. on July 19, 2013. Ameriprise Financial Services, Inc. reported to FINRA that the Jeffrey Davis was terminated after the firm concluded client funds were misappropriated via ACH transfer to pay personal credit cards held in the name of the advisor.
Subsequent to Jeffrey Davis’ firing by Ameriprise Financial Services, Inc. FINRA investigated Jeffrey Davis and brought a disciplinary action against Jeffrey Davis. Jeffrey Davis was permanently barred from the securities and investment banking industry on March 11, 2014. FINRA reports that Jeffrey Davis consented to the sanction and to the entry of findings that Jeffrey Davis converted $116,976.69 from the brokerage accounts of firm customers for Jeffrey Davis’ personal use and benefit. The findings stated that specifically, Jeffrey Davis effected several unauthorized electronic automated clearing house (ACH) payments totaling $116,976.69 from the brokerage accounts of customers and directed those funds to Jeffrey Davis’ personal credit card accounts. According to FINRA, none of the customers permitted Jeffrey Davis to transfer or otherwise use their funds for any purpose.
FINRA reports that three complaints and/or arbitration claims involving Jeffrey Davis’ conduct with Ameriprise Financial Services, Inc. were filed, alleging misappropriation and/or forgery. These three complaints and/or arbitration claims all settled, with the largest settling for $1,750,000.
If you lost any money on investments or misappropriation of funds with Jeffrey Davis, you may be able to recover your losses from Ameriprise Financial Services, Inc. This is because Ameriprise Financial Services, Inc. had a duty to supervise Jeffrey Davis.
If you lost money on investments or misappropriation of funds with Jeffrey Davis and believe 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 Ameriprise Financial Services, Inc. concerning Jeffrey Davis’ 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 or misappropriation of funds with Jeffrey Davis 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.
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