Former Ameriprise rep barred for unauthorized trades

Maria Tamburro also failed to respond to Finra requests for information.
MAY 29, 2018

The Financial Industry Regulatory Authority Inc. has barred former Ameriprise Financial representative Maria Tamburro for executing approximately 30 unauthorized mutual fund purchases for six customers and for failing to provide information to Finra in connection with its investigation of the matter. According to Finra, Ms. Tamburro, who was based at the company's Florham Park, N.J., office, executed the trades without contacting her clients, one of whom had insufficient funds in his brokerage account to fund the purchase. Finra said that in five separate transactions, Ms. Tamburro sold securities in another brokerage account held by the same customer, and then transferred the proceeds to the purchasing account. Because two of the affected clients had fee-based accounts, she first submitted new account documentation to Ameriprise to open commission-based accounts in the customers' names, which she did without their permission. Finra said she then placed the unauthorized trades in the newly created, unauthorized accounts. The principal amount of Ms. Tamburro's unauthorized trades totaled approximately $260,000. The six customers were charged $7,549 in commission for the unauthorized trades. Ms. Tamburro, who no longer works in the securities industry, was registered through Ameriprise from November 2011 to October 2016.

Latest News

U.S. Bank names chief private banking officer for wealth unit
U.S. Bank names chief private banking officer for wealth unit

Internal C-level promotion comes as US Bank builds out private banking, athlete-focused advice and alternatives infrastructure.

Why planning is the only strategy that holds in every market
Why planning is the only strategy that holds in every market

A structured financial plan doesn't just prepare clients for the future, it transforms how they respond to the present.

Gemini, Apex deal reflects prediction markets move towards mainstream retail investing
Gemini, Apex deal reflects prediction markets move towards mainstream retail investing

Regulated prediction markets for retail brokerage clients is the latest sign that prediction markets are entering the mainstream investing toolkit.

AmeriFlex Group launches AI program to identify advisors nearing succession
AmeriFlex Group launches AI program to identify advisors nearing succession

Proprietary Scout tool, built with Anthropic's Claude, profiles hundreds of firms in minutes to help the hybrid RIA scale its succession business.

RIA dealmaking accelerates as three firms hit AUM milestones
RIA dealmaking accelerates as three firms hit AUM milestones

Wealth Consulting Group, Coastline and Maridea report fresh capital, acquisitions and asset growth as advisor M&A keeps climbing.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income