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 to investors.
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.