Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Scott Taubman (Taubman), previously associated with Ameriprise Financial Services, LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Taubman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on July 19, 2024.

Without admitting or denying the findings, Taubman consented to the sanction and to the entry of findings that he borrowed $62,500 from two senior customers, without prior notice to or written approval from his member firm. The findings stated that the terms of the loans were not documented. The customers were not immediate family members or a financial institution. Taubman firm learned of the loans and conducted an investigation, during which Taubman confirmed that he had received, in total, approximately $100,000 from the customers. Taubman did not repay the loans. When Taubman filed a Chapter 7 bankruptcy petition, he disclosed the debt as a personal loan, and he obtained a discharge of his indebtedness. The findings also stated that Taubman falsely attested in his annual compliance questionnaires that he was in compliance with his firm’s policies and procedures.