Steven Yellen accepted sanctions following allegations that he exercised discretion in a client’s account without authorization.
The Sonn Law Group is investigating allegations that Steven Yellen committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.
Steven Yellen (CRD#:1281663) consented to FINRA sanctions in the form of a one-year fine from the securities industry and a $25,000 fine.
Yellen consented to findings containing allegations that between March 2013 and December 2015, Yellen exercised discretion in one of Customer A’s accounts without written authorization or acceptance of the account as a discretionary account. Yellen allegedly established a second account for Customer A at Morgan Stanley, funded the account with a transfer from Customer A’s original account, and placed two trades in the second account — all without authorization from Customer A and without Customer A’s knowledge.
After Yellen associated with Ameriprise in 2018, Yellen again engaged in unauthorized trading from June 2016 until November 2017. Specifically, he entered 16 trades for 10 customers that were beyond the option trading risk levels authorized by those customers.
Further, the findings alleged that between June and November 2016, Yellen mismarked 319 options order tickets as “unsolicited” when they were actually solicited, causing Ameriprise’s books and records to be inaccurate.
Lastly, the findings state that in March 2016 when Yellen associated with Ameriprise, he took with him non-public personal customer information regarding some Morgan Stanley customers, without the customers’ or Morgan Stanley’s consent.
According to his BrokerCheck report, Yellen was discharged from Ameriprise following alleged violations of company policy related to outside business activities and options trading.
Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional committed acts in violation of FINRA Rules, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.