Written by The White Law Group• October 25, 2019• 4:31 pm• Blog, Current Investigations, Securities Fraud Articles

Steven T. Yellen Broker Investigation

Steven Yellen Broker Investigation, featured by top securities fraud attorneys, The White Law Group

Financial Advisor Steven T. Yellen, Ameriprise Financial in El Paso, TX

Are you concerned about investments with Steven T. Yellen in El Paso, TX? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority, on October 22, the regulator fined financial advisor Steven T. Yellen $25,000 for alleged unauthorized trades while he was purportedly affiliated with Morgan Stanley and Ameriprise in El Paso, Texas. FINRA has also reportedly suspended Yellen for one year.

According to a Letter of Acceptance, Waiver & Consent, from March 2013 through December 2015, while reportedly at Morgan Stanley, Yellen purportedly improperly exercised discretion by placing 14 trades. FINRA alleges that Yellen falsely completed three annual compliance questionnaires when he purportedly denied having any accounts in which business was transacted on a discretionary basis.

According to FINRA, Yellen allegedly continued to engage in unauthorized trading after he left Morgan Stanley and reportedly became associated with Ameriprise.

In 16 instances, Yellen purportedly executed trades in 10 customer accounts that exceeded the risk levels that the customers had authorized in their option forms, according to the AWC.

Further, he reportedly did not obtain authorization from a customer at Morgan Stanley or from his Ameriprise customers to allegedly engage in these transactions.

According to his FINRA BrokerCheck report, Yellen was reportedly affiliated with Ameriprise Financial in El Paso, TX from 2016 until 2018, when he was allegedly dismissed for “violations of company policy related to outside business activities and options trading.”

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Yellen’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Texas. Our attorneys have recovered millions of dollars from many brokerage firms in the past.