The following information appeared on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013.”
James Merle Culbertson (CRD #1716829, Registered Representative, Oakdale, Minnesota)
was fined $20,000 and suspended from association with any FINRA member in any capacity for 12 months. Without admitting or denying the findings, Culbertson consented to the described sanctions and to the entry of findings that he had conversations with customers concerning securities transactions he was recommending; and during the course of these conversations, Culbertson omitted or misrepresented material information to these customers concerning the transactions.
FINRA's findings stated that Culbertson circumvented his firm’s supervisory review with respect to mutual fund transactions he effected by failing to submit the appropriate documentation or by submitting incomplete or inaccurate documentation to the firm for review. The firm required its registered representatives, including Culbertson, to complete and submit documentation relating to certain mutual fund transactions. The firm implemented these procedures in order to ensure that it reviewed the proposed transactions for suitability and to ascertain that the registered representative recommended the appropriate share class for purchases. The findings also stated that Culbertson serviced customers’ non-discretionary accounts. Culbertson received orders from these customers but failed to timely enter the orders for transactions in the customers’ accounts. Instead, without reconfirming the trades with the customers, Culbertson entered the orders in their accounts on a discretionary basis.
According to FINRA's findings based on Culbertson’s recommendation, a customer agreed to surrender his variable annuity and purchase a fixed annuity with the proceeds of approximately $89,346. These transactions were unsuitable for the customer because the customer could withdraw funds from the variable annuity at any time, the variable annuity had a higher guaranteed fixed rate and death benefit, and the fees associated with the variable annuity were less than those associated with the fixed annuity.
The suspension is in effect from April 15, 2013, through April 14, 2014.
(FINRA Case #2011027468102)
FINRA's BrokerCheck reports that this broker was previously registered with FINRA at the following brokerage firms:
AMERIPRISE FINANCIAL SERVICES, INC.
CRD# 6363
MINNEAPOLIS, MN
06/2008 - 04/2011
PRUCO SECURITIES CORPORATION
CRD# 5685
04/1989 - 02/1991
THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
CRD# 680
04/1989 - 02/1991
This ends the information from FINRA's website.
If you have experienced a financial loss due to James M.Culbertson, a broker formerly with Ameriprise Financial Services, call Soreide Law Group at (888) 760-6552 for a free consultation with an attorney.
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