Financial Advisor Sean Refsnider, Ameriprise Financial Services in Haddon Heights, NJ
FINRA Reportedly Bars Sean Refsnider after Allegations of Stealing Funds from Elderly Client
According to ThinkAdvisor on October 16, The Financial Industry Regulatory Authority (FINRA) has reportedly barred ex-Ameriprise advisor, Sean Refsinider after he allegedly converted $42,000 from an elderly client for his own use.
FINRA alleged in the complaint that, from July through August 2019, while associated with Ameriprise, Refsnider “procured a check from Customer A in the amount of $20,000 and he then used the funds to pay his mortgage and other personal expenses.”
Refsnider purportedly had Ameriprise issue a debit card linked to the client’s account with the firm, without the customer’s authorization, and then allegedly used the debit card to make about 60 separate purchases totaling about $17,317, and to make $4,300 in cash withdrawals, according to FINRA.
Refsnider also allegedly transferred an additional $475 in cash from the customer’s Ameriprise Account to himself via PayPal and Venmo, according to the complaint.
According to his broker report, Refsnider was reportedly affiliated with Ameriprise Financial Services in Haddon Heights, NJ from 2012 to 2019 when he was “terminated by the firm after it concluded that the client’s funds were misappropriated.”
Investigating Potential Lawsuits
Ameriprise and all brokerage firms have a responsibility to adequately supervise its employees. They must ensure the necessary procedures and systems to detect misconduct.
If you are concerned about your investments with Sean Refsnider and Ameriprise Financial Services, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.