November 19, 2020
FINRA AWC
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement Office of Hearing Officers recently approved an Offer of Settlement to resolve allegations of securities industry violations against Sean Michael Refsnider, a former Ameriprise Financial Services registered representative in Haddon Heights, New Jersey.
According to his FINRA BrokerCheck report, Refsnider was discharged from Ameriprise after allegedly misappropriating client funds. After Ameriprise reported this to FINRA in a Form U5, FINRA launched an investigation into whether Refsnider converted approximately $42,000 in funds belonging to an elderly customer. FINRA alleged that he obtained a check from this customer and cashed it for personal expenses and used the customer’s debit card to withdraw cash for personal expenses as well.
Refsnider failed to provide all of the documents and information FINRA Department of Enforcement requested, thus violating FINRA Rules 8210 and 2010. Without admitting or denying allegations made against him, Refsnider consented to a bar from associating with any FINRA member firm in any capacity.