The investment fraud attorneys at Malecki Law are interested in hearing from investors who have complaints financial advisor Thomas E. Stratton-Crooke of Ameriprise Financial Services, Inc., based out of Beachwood, OH.
Records from the Financial Industry Regulatory Authority (“FINRA”) indicate that Mr. Stratton-Crooke has been suspended by FINRA for 10 business days and fined $10,000 for improperly executing discretionary transactions in customer accounts without prior written authorization from the customer or authorization from his firm.
According to his BrokerCheck Report, Mr. Stratton-Crooke was discharged by Merrill Lynch in 2014, after 25 years with the firm, for what is believed to be the same misconduct that led to his suspension by FINRA.
Discretionary authority in a customer account is very closely monitored and regulated in the securities industry. Discretion allows a broker to enter trades on behalf of the customer without speaking to the customer about the trade first. Therefore, there is a lot of trust required for a customer the give their broker discretion in their account. It is important that proper protocols be followed since abuse of a customer’s trust is a serious violation and can have devastating consequences for a customer.
If you or a family member lost money invested with Thomas Stratton-Crooke, you are encouraged to contact the investment fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.
Malecki Law has successfully brought securities actions on behalf of investors who suffered losses as a result of unscrupulous actions taken in their securities accounts, recovering millions of dollars for their clients.
Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel.