According to AdvisorHub, The Financial Industry Regulatory Authority (FINRA) banned Shawn Parker (Parker) a former Ameriprise Financial Services advisor based on allegations that Parker falsified close to $25,000 in reimbursement requests submitted to the firm for annual client events.
FINRA's letter stated that in 2017 and 2018 Parker hosted annual educational and training events, using wholesaler sponsorship funds for nearly 250 clients during the holiday season at a "local event venue." Fund wholesalers generally cover a majority of event expenses, Ameriprise's policies allowed advisors "to be reimbursed for certain expenses actually incurred, including among other things food and beverages served." Parker, however, "directed her team to prepare reimbursement requests to be submitted to the firm, seeking reimbursement for Parker from wholesaler contributions that had been provided for the event." Parker's expense reports contained falsified invoices exaggerating the amount of expenses incurred.
Parker's actions violated FINRA's catch-all Rule 2010, which requires advisors to "observe high standards of commercial honor and just and equitable principles of trade." Parker signed a letter of acceptance, waiver, and consent (AWC) without admitting or denying its allegations.
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