Former Ameriprise financial advisor Daniel P. Doogs has been suspended
by the Financial Industry Regulatory Authority (FINRA) for failing to
cooperate with a request by FINRA for information. He was terminated in
June 2017 from his employment with Ameriprise Financial in Aurora, Indiana
due to allegations that he engaged in borrowing and lending with clients
in violation of their company policy. He was with Ameriprise from May
1984 to June 2017.
FINRA Disciplinary Action
According to FINRA,
“One of FINRA’s top priorities is to advance investor confidence
in the securities markets through vigorous, fair and effective enforcement
of FINRA and MSRB rules, and federal securities laws and rules.”
FINRA reportedly brought more than 1,400 disciplinary actions against brokers
and firms in 2016. A total $176.3 million in fines were levied that year
alone. FINRA deemed an additional $27.9 million in restitution be paid
In 2016, 26 firms and 727 brokers were suspended by FINRA while an additional
517 were barred from associating with FINRA-regulated firms.
FINRA is not a government agency, but is a self-regulatory organization
that enforces industry rules and regulations among its registered members.
The agency checks brokers for compliance every one to three years by conducting
a routine inspection. Such an examination might occur sooner if a customer
complaint or other notice of a possible infraction reaches FINRA.
Although FINRA has no jurisdiction over people who are not affiliated with
the securities industry, customers can be asked to cooperate with a FINRA
investigation as the agency collects evidence of regulatory infractions.
If you were the victim of stockbroker misconduct or investment fraud, you
may be entitled to compensation. Contact the knowledgeable securities
fraud lawyers at Meyer Wilson today for a
free no risk consultation.