The attorneys at Stoltmann Law Offices are interested in speaking to retail investors who may have lost money with William Wesley Marshall, a broker with Ameriprise Financial Services. According to his Financial Industry Regulatory Authority (FINRA) AWC, (Letter of Acceptance, Waiver and Consent), Marshall allegedly participated in the sale of $1.72 million of privately issued preferred stock to his immediate Firm supervisor, his Complex Manager, two other Ameriprise registered representative, and several firm customers. Marshall received common stock purchase warrants from the issuer, BioChemics Inc. as commission. Marshall was also serving as a member of BioChemics’ Scientific Advisory Board during his association with Ameriprise. He engaged in outside business activities, which, is referred to as selling away. This is against securities rules and regulations. He also allegedly distributed sales literature prepared by BioChemics to investors that failed to disclose his business and person financial interest in the company. The literature also allegedly contained misleading, exaggerated, and/or unwarranted statements and inadequate risk disclosures. For this, he was suspended from the industry for 15 months and fined $10,000.
It is possible for retail investors to sue Ameriprise in the FINRA arbitration process if they have suffered losses with Marshall. This is because Ameriprise has a duty to supervise their brokers, and if they do not, can be held liable for losses. We take cases on a contingency fee basis for these types of cases so please call us as soon as possible. Marshall was registered with May Financial Corporation in Dallas, Texas from October 1999 until December 2001 and Southwest Securities Inc. in Dallas from January 2002 until February 2011. He is currently registered with Ameriprise in Plano, Texas and has been since January 2011.
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