Ameriprise Broker Suspended and Fined by FINRA for Borrowing Money From Customers

Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552, obtained the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”

Philip Pursino (CRD #3212554, Registered Representative, West Hempstead, New York)

was fined $5,000 and suspended from association with any FINRA member in any capacity for two months. Without admitting or denying the findings, Pursino consented to the described sanctions and to the entry of findings that he borrowed a total of $750,000 from customers, through his company, to provide funding for business capital contrary to his member firm’s WSPs, which permitted registered persons to borrow from customers only under limited circumstances and only after obtaining the firm’s written pre-approval. In connection with the loans, Pursino drafted and signed promissory notes on his company’s behalf. In each instance, he failed to notify or obtain his member firm’s advance written approval of the loans. Pursino’s company has repaid a portion of each loan.
The suspension was in effect from April 15, 2013, through June 14, 2013.
(FINRA Case #2011028331601)

It is listed on FINRA's BrokerCheck that Philip Pursino was previously registered with FINRA at the following brokerage firms:

AMERIPRISE FINANCIAL SERVICES, INC.
CRD# 6363
GARDEN CITY, NY
09/1999 - 04/2011

IDS LIFE INSURANCE COMPANY
CRD# 6321
MINNEAPOLIS, MN
09/1999 - 07/2006

This ends the information obtained on FINRA’s website.

The Soreide Law Group represents clients nationwide before FINRA. If you have sustained investment losses due to your stock broker/financial advisor’s recommendations, call for a free consultation with an attorney on how to potentially recover those losses: 888-760-6552.