New York Securities Fraud Lawyers Blog
Former Ameriprise Financial Services, Inc broker Corey Lee Mireau (CRD#3046777) has recently been suspended for two years from the industry after having agreed to the entry of findings alleging his failure to disclose loans from customers, private securities transactions, and outside business activities. As part of his letter of Acceptance, Waiver, and Consent, (“AWC”), Mr. Mireau will also pay a $15,000 fine and $154,458.85 in restitution to one of the clients that he borrowed money from without approval. Malecki Law’s securities lawyer team has been investigating into Corey Lee Mireau’s blemished background as well as his alleged violations of securities regulations including FINRA Rules 3240, FINRA Rule 3270, NASD Rule 3040 and subsequently FINRA Rule 2010.
The AWC claims that Mr. Mireau burrowed money from two of his Ameriprise Financial Services customers, without complying with relevant FINRA rules and internal firm policies. In September 2013, Mr. Mireau allegedly borrowed $150,000 from a customer and invested most of the money in a wholesale company in the e-cigarette business. A broker generally should not borrow money from their customers without the arrangement meeting requirements set forth by FINRA Rule 3240(A) and following firm required procedures. Furthermore, Mr. Mireau should have sought written approval for using the borrowed money in a private securities transaction under NASD Rule 3040. In May 2017, Mr. Mireau allegedly borrowed $500 from another customer and also failed to disclose the details to Ameriprise Financial.
In addition to the aforementioned, Mr. Mireau allegedly provided consulting services to a customer in 2014 and 2015, which would have been considered an outside business activity under the law. According to FINRA Rule 3270, brokers must provide disclosure and seek approval for outside business activities. Specifically, “No registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” However, Mr. Mireau allegedly did not provide written notice, and instead made false statements in multiple annual compliance questionnaires with Ameriprise Financial.
BrokerCheck records suggest that the incidents outlined in the AWC are not the first accusations against Corey Lee Mireau during his time registered under a FINRA broker-dealer. Corey Lee Mireau was employed as a FINRA registered broker under Ameriprise Financial Services (CRD# 6363) from 1998 until his separation after allegations in 2017. Ameriprise Financial Services was reviewing him for company policy violations at the time of his resignation. During his 19-year tenure with Ameriprise Financial Services, Mr. Mireau was also registered with IDS Life Insurance Company from 1998 until 2006. In addition to this regulatory investigation, Mr. Mireau accumulated seven other disclosures on his BrokerCheck records, including for a termination, tax liens, creditor compromises, and customer disputes. One customer complaint involved alleged loans and unsuitable recommendations
Our investor fraud lawyers suggest that former clients of Corey Lee Mireau during his time at Ameriprise Financial Services or IDS Life Insurance Company check their accounts for unusual activity. If you have experienced losses from Corey Lee Mireau or any other broker, reach out to an experienced securities attorney. Broker-dealers can be held responsible for the wrongdoings of their associated persons under FINRA Rule 3110. Malecki Law’s securities fraud team has an impeccable record of helping investors recover their unjust losses in arbitration against broker and broker-dealers. Call our investor lawyers now for a free consultation.