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Ameriprise Broker Suspended 2 Years
FINRA sanctioned Brian Edwin Raines, a Registered Rep with Ameriprise Financial, on forgery charges. He's alleged to have signed or acquiesced in the signing of 11 customers' signatures without their knowledge or authorization on 22 forms and documents related to the customers’ brokerage accounts - including: new account forms, investment advisory service agreements, annuity applications, annuity surrender/withdrawal forms, annuity 1035 exchange forms, REIT applications and financial planning forms. BTW, the firm prohibited its employees from signing customers’ names on documentation related to their accounts.
Raines accepted a $10K fine and 2-year suspension. This is FINRA Case #2009017411901. [April 2011 Disc. Actions]
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