An ex-Ameriprise franchise advisor -- who previously cost the firm more than $420,000 to settle customer complaints -- was fined and suspended by FINRA for allegedly copying and pasting client signatures onto documents.
The alleged signatures violations triggered a month's suspension of his FINRA registration and a $5,000 fine in late November, the agency said. In one case, Jon Dabareiner allegedly had approval from customers to copy their signatures, according to FINRA, but it wasn't enough to stop the agency from moving on the sanctions.
An Ameriprise spokesman confirmed Dabareiner was a franchise advisor, but had no other comment. Dabareiner worked under the firm's banner from 1998 until 2013, according to FINRA BrokerCheck reports.
Ameriprise already had paid $421,894 to settle six unrelated client complaints against Dabareiner during his tenure with the firm, and before he resigned over the alleged reuse of client signatures. Copying the signatures violated company policy, according to his BrokerCheck record. On more than one occasion beginning in 2010, Dabareiner or others acting on his behalf copied and pasted customer signatures onto documents, said FINRA in disciplinary action documents.
The documents detailed an instance in 2012 where two of Dabareiners customers signed securities transfer forms, and he copied those signatures for three other transfers, with customer approval. All the allegations resulted in a $5,000 fine and a month-long suspension from being affiliated with a FINRA member in late November, the agency said.
According to FINRA records, Dabareiner now is with Lopez Wealth Management Group in Abingdon, Va. The firm confirmed he still is employed there.
A message left with his office was not immediately returned.
Dabareiner is the second Ameriprise advisor to recently face FINRA sanctions for document-related issues.
Minneapolis-based Ameriprise advisor David B. Tysk was fined and temporarily suspended by FINRA in October, and the brokerage was censured and fined as well after an investigation detailed how Tysk altered documents of a client he faced in arbitration hearings, and the firm knowingly kept quiet about the changes.
Tysk was fined $50,000 and given a three-month blanket suspension from any financial advisory activity, and Ameriprise was fined $100,000. Tysk plans to appeal that decision.
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