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Recovering Losses Caused By Investment Misconduct

Ameriprise Broker William Wesley Marshall Accused of Misconduct, Meyer Wilson Investigates

From January 6, 2011 to May 2, 2012, broker William Wesley Marshall (CRD# 3267723) allegedly participated in the sale of $1.72 million in privately issued preferred stock to his supervisor, Complex Manager, two other Ameriprise representatives, and several Ameriprise customers. According to FINRA, Marshall did this without giving written notice to Ameriprise.

FINRA also noted that Marshall allegedly received common stock purchase warrants from the stock issuer, BioChemics Inc., for facilitating the investment transactions. During this same period, Marshall allegedly was on the Advisory Board for BioChemics.

When Marshall allegedly solicited customers to invest in BioChemics, the material he used to do so did not disclose his own connection to and financial interest in BioChemics. FINRA summed up Marshall’s alleged misconduct as violating several industry rules and regulations by:

  • Participating in private securities transactions
  • Participating in outside business activities
  • Distributing improper sales materials

“Selling Away”

Because Ameriprise did not authorize the sale of privately issued shares of BioChemics by its brokers, Marshall’s alleged misconduct is categorized as “selling away.” Selling away means that a broker sold securities that were neither offered nor approved by the brokerage firm of which he or she is affiliated with. You can learn more about selling away in Dave Meyer’s helpful video.

Marshall recently submitted a Letter of Acceptance, Waiver & Consent, which means he has consented to FINRA’s imposition of a 15-month suspension and a $10,000 fine.

Did you invest in BioChemics at the recommendation of William Wesley Marshall of Ameriprise? If you did and you lost money, the investment fraud lawyers at Meyer Wilson are ready to provide you with a free consultation.

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