Goodman & Nekvasil P.A., May Recover Losses on Leveraged ETFs and/or Other Investments – Stuart Alan Epley (Stuart Epley) Suspended from Securities Industry and Permitted to Resign from Ameriprise Financial Services, Inc.
From 2009 until Stuart Epley’s resignation in 2012, Stuart Epley was licensed with Ameriprise Financial Services, Inc. Stuart Epley is now licensed with IFS Securities. According to FINRA’s records, Stuart Epley was permitted to resign from Ameriprise Financial Services, Inc. on May 2, 2012. Ameriprise Financial Services, Inc. reported to FINRA that Stuart Epley was permitted to resign following firm finding of company policy violation in regards to syndicate offerings, use of discretion and equity securities and exchange traded products.
Subsequent to Stuart Epley’s termination by Ameriprise Financial Services, Inc. FINRA investigated Stuart Epley and brought a disciplinary action against Stuart Epley. Stuart Epley was suspended from the securities and investment banking industry for 3 months. FINRA reports that Stuart Epley consented to the sanction and to the entry of findings that Stuart Epley exercised discretion without written authorization by effecting transactions in customers’ accounts without obtaining prior written authorization from the customers and without having the accounts accepted as discretionary accounts by Stuart Epley’s member firm. According to FINRA, the firm did not permit discretionary trading with the exception of very limited use of time and price discretion. According to FINRA, Stuart Epley solicited unapproved securities in customers’ accounts and Stuart Epley mismarked order tickets in order to purchase leveraged exchanged traded funds (ETF) in the customers’ accounts. According to FINRA, the ETF transactions were all listed as unsolicited even though they were solicited by Stuart Epley. According to FINRA, Stuart Epley mismarked the Leveraged ETF transactions as unsolicited, because the firm prohibited registered representatives from recommending Leveraged ETFs. According to FINRA, Stuart Epley’s mismarking of the order tickets caused the firm’s books and records to be inaccurate regarding these trades.
FINRA reports that two arbitration claims and/or complaints were filed involving Stuart Epley’s conduct with prior employers. These arbitration claims and/or complaints allege breach of fiduciary duty, respondeat superior, suitability, fraud, negligence, breach of contractual requirements, negligent misrepresentation, breach of covenants of good faith and fair dealing, breach of conduct and/or liquidation without authorization. These two arbitration claims and/or complaints both settled, with the largest settling for $100,000. Stuart Epley contributed $10,000 to this settlement.
FINRA also reports that Stuart Epley previously filed for Chapter 7 bankruptcy in 2013.
If you lost any money on ETFs and/or other investments with Stuart Epley, you may be able to recover your losses from Ameriprise Financial Services, Inc. and/or IFS Securities. This is because Ameriprise Financial Services, Inc. and IFS Securities had a duty to supervise Stuart Epley.
If you lost money on ETFs and/or other investments with Stuart Epley 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 Ameriprise Financial Services, Inc. and/or IFS Securities concerning Stuart Epley’s 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 ETFs and/or other investments with Stuart Epley 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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