According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor William Wyman (Wyman), in January 2017, was barred by FINRA over his failure to respond to FINRA inquiries. FINRA’s inquiries came after a customer complained about a private securities transaction. Wyman’s employment with his brokerage firm, Ameriprise Financial Services, Inc. ended in November 2016 on the heels of the allegations. At this time it is unknown the extent of Wyman’s private securities transactions. His disclosures list ownership of Wyman and Shier Financial Services and do not disclose involvement in other outside businesses.
FINRA requires brokers to disclose their outside businesses because the risk to investors is that the broker will use such businesses to engage in unauthorized securities activities. The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.