- May 9, 2022
- Ameriprise Financial Services
Shawn Elizabeth Parker (CRD#: 1768234) is a previously registered Broker and previously registered Investment Advisor.
She entered the securities industry in 1987 and previously worked for Ameriprise Financial Services, LLC; and IDS Life Insurance Company.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, FINRA sanctioned Shawn Parker, barring her indefinitely from all capacities. The FINRA sanction states, “Without admitting or denying the findings, Parker consented to the sanction and to the entry of findings that she converted at least $25,000 from her member firm. The findings stated that Parker hosted an annual training and educational event for approximately 250 clients during the holiday season at a local banquet venue. At the conclusion of the event, the venue issued an invoice detailing the charges incurred, including the costs of the food and beverages served, which Parker paid. At the conclusion of the annual training events, Parker directed her staff to prepare reimbursement requests to be submitted to the firm, seeking reimbursement for Parker from wholesaler contributions that had been provided for the event. For at least two of the events, the expense reports submitted at Parker’s direction contained falsified invoices that overstated the total amount of reimbursable expenses incurred at the event. As a result, Parker received at least $25,000 to which she was not entitled. Parker has since entered into an agreement with the firm to refund the amounts at issue.”
For a copy of the FINRA sanction, click here.
In addition, Shawn Parker has been the subject of nine other disclosures, including the following:
- January 2021 — “The client alleged the advisor misrepresented the features and benefits of the Secure Source 2 Living Benefit Rider on his RiverSource RAVA 5 Advantage Variable Annuity in May 2011.” The customer dispute was denied.
- December 2020 — “The client alleged that his advisor both misrepresented the purchase of two Real Estate Investment Trusts and a Business Development Company and his initials were forged on the Direct Investment Application.” The customer dispute was denied.
- September 2020 — “Claimants allege that Respondent recommended unsuitable REIT and BDC investments and seek compensatory damages of $77,000.” The customer dispute was withdrawn.
- June 2020 – “Registered representative was permitted to resign on June 8, 2020 following disciplinary action for compliance policy violations related to submissions through the wholesaler reimbursement process.” Shawn Parker was permitted to resign from Ameriprise Financial after allegations were made.
- May 2016 — “The client alleged his purchase of a variable annuity in October 2014 was misrepresented.” The customer dispute was denied.
- October 2012 — “CLIENT ALLEGED THE INLAND AMERICAN REIT PURCHASED IN JANUARY 2008 WAS AN UNSUITABLE INVESTMENT.” The customer dispute was denied.
- May 2011 — “CLIENT ALLEGED THAT TAX CONSEQUENCES WERE NOT DISCLOSED ON A QUALIFIED TRANSACTION IN MAY 2000.” The customer dispute was denied.
- September 2009 — “CLAIMANT ALLEGES THAT BETWEEN 8/08 AND 9/08, HE DIRECTED THE LIQUIDATION OF HIS EQUITY AND FIXED INCOME POSITIONS, BUT THE ACCOUNTS WERE NOT LIQUIDATED, RESULTING IN $156,000 IN MARKET LOSSES. CLAIMANT ALLEGES UNSUITABILITY, MISREPRESENTATIONS AND OMISSIONS, BREACH OF FIDUCIARY DUTY, VIOLATION OF NAS CONDUCT RULES, NEGLIGENCE, FAILURE OF SUPERVISION, BREACH OF CONTRACT, FRAUDULENT MISREPRESENTATION AND VICARIOUS LIABILITY.” The customer dispute was settled for $25,000.
- November 2008 — “CLIENT ALLEGES HE REQUESTED HIS ADVISOR TO PULL HIS INVESTMENT PORTFOLIO OUT OF THE MARKET, HOWEVER, THE REQUEST DID NOT HAPPEN NOR WAS ADVISE ON INVESTMENT OPTIONS/RECOMMENDATIONS GIVEN CAUSING THE CLIENT TO SUSTAIN LOSSES WITHIN THE INVESTMENT PORTFOLIO.” The customer dispute was denied.
For a copy of Shawn Parker’s FINRA BrokerCheck, click here.
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