The securities fraud attorneys at Meyer Wilson are currently investigating claims against former broker Jeffrey E. Krupnick (CRD# 4307569).
According to the Financial Industry Regulatory Authority (FINRA), Ameriprise Financial Services, Inc. broker Jeffrey E. Krupnick (CRD# 4307569) has been named a respondent in a FINRA complaint for allegedly converting a firm customer’s joint account funds for his own personal benefit without first receiving authorization from the customer. Krupnick has been registered with Ameriprise Financial Services in Sarasota, FL since August 2015.
The FINRA Department of Enforcement complaint alleges that while Krupnick was registered with Wells Fargo Advisors, LLC in Sarasota, FL, he reportedly converted over $143,000 from his half-brother and firm customer for his own personal benefit between January 2012 and November 2014. By doing so, Krupnick violated FINRA Rules 2150(a) and 2010.
In July 2011, Krupnick’s half-brother became his brokerage customer. Krupnick opened a joint brokerage account, along with seven other brokerage accounts he acted as the representative of record for.
According to FINRA, Krupnick used some of the funds in the joint account to make purchases on behalf of his half-brother, but used the majority of the funds to pay for personal expenses like home improvements and paying down his credit cards. None of the alleged transfers, payments, or withdrawals Krupnick used to pay for his personal expenses were authorized by his half-brother.
In November 2014, his half-brother contacted Krupnick’s supervisors at Wells Fargo to notify them of unauthorized transactions and to report that he was having trouble obtaining copies of monthly statements and was unable to access his accounts online. Wells Fargo began an internal investigation into the allegations, during which time Krupnick resigned from Wells Fargo.
Contact our securities fraud attorneys at Meyer Wilson today if you lost money investing with Ameriprise Financial Services broker Jeffrey E. Krupnick. We offer free consultations to discuss your potential claim, and handle our cases on a contingency fee basis, so you won’t be charged any fees unless we help you recover your losses.