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
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