ATTENTION INVESTORS! FINRA Fines, Suspends Ameriprise Broker COREY MIREAU

The Financial Industry Regulatory Authority (“FINRA”) announced that Ameriprise Financial Services, Inc. general securities representative Corey Lee Mireau (CRD#: 3046777, Eden Prairie, Minnesota) has been issued a $15,000.00 fine and two year suspension for borrowing money from customers; participating in a private securities transaction and outside business activity; and making false statements to Ameriprise. Notably, Mireau submitted a Letter of Acceptance, Waiver and Consent (“AWC”) #: 2017055910301 on April 11, 2019 which FINRA accepted April 12, 2019. Mireau violated FINRA Rules 3240,  3270, and 2010, according to FINRA. The sanctions come after Ameriprise permitted Mireau to resign for violating policies regarding outside business activities and borrowing from customers.

Corey Mireau Violates FINRA Rules 3240 and 2010 By Borrowing From Ameriprise Customers

 

The AWC stated that Mireau borrowed $150,000 from KR, who was a customer of Ameriprise. Apparently, Mireau borrowed KR’s money to invest in an e-cigarette business, Vaper Distribution, Inc. (“VDI”). FINRA stated in the AWC that Mireau did not pay any of the $150,000 back to KR. Not only that, but Mireau did not ask Ameriprise if he could borrow KR’s money. Also, Mireau borrowed money from another customer, RS, without notifying Ameriprise. As a result, Mireau violated Ameriprise’s policies on borrowing in addition to FINRA Rules 3240 and 2010.

Corey Mireau Violates NASD Rule 3040 and FINRA Rule 2010 For Private Securities Transaction

 

Next, FINRA stated that Mireau used KR’s money to buy VDI shares, which were securities. During this time, Ameriprise’s supervisory procedures prohibited brokers from engaging in private securities transactions unless the firm knew about it and authorized it. Apparently, Mireau did not give Ameriprise written notice about the VDI shares investments. Also, Ameriprise did not give Mireau permission to buy the VDI shares.

Mireau Violates FINRA Rule 2010 By Making False Statements To Ameriprise About Private Securities Transactions

 

Furthermore, when Mireau completed compliance questionnaires in 2015, 2016 and 2017, he was not honest, according to FINRA. Specifically, Mireau claimed he did not participate in outside business activities. However, FINRA stated that Mireau did consulting work for a customer as an outside business activity. Secondly, Mireau attested that he did not engage in a private securities transaction without Ameriprise’s permission.  However, Mireau’s VDI shares purchase was a private securities transaction.

Customer Disputes Corey Mireau’s Sales Practices Alleging Unsuitable Vaper Distribution Inc. Investment

 

Notably, Mireau’s FINRA BrokerCheck report shows that an Ameriprise customer complained about him. Apparently, the customer filed a complaint dated November 13, 2017. Mainly, the customer claimed that Mireau bought VDI through Mireau but lost $215,000 of the $250,000 invested. According to the customer, the client’s risk tolerance and investment objectives were not compatible with the VDI investment. All things considered, Ameriprise opted to settle the customer’s suitability claim. Accordingly, on November 8, 2018, the firm paid the customer $80,000. However, Ameriprise did not admit liability.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

If you have experienced losses by investing with Ameriprise securities representative Corey Mireau, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.