FINRA Reportedly Suspends Daniel Minich for Allegations of Selling Away from the Firm
According to public records, the Financial Industry Regulatory Authority (FINRA) has reportedly reached a settlement agreement with financial advisor Daniel T. Minich (CRD #6465746) and consequently he has reportedly been suspended from associating with any FINRA member for four months.
Between June 2019 and October 2019, while associated with Ameriprise Financial Services, LLC, Daniel Minich allegedly participated in three private securities transactions totaling approximately $200,000 reportedly without providing prior written notice to Ameriprise.
First, in June 2019, Minich allegedly invested $50,000 of his own money in a hedge fund that purported to invest in cryptocurrency, without providing prior written notice to his member firm.
According to FINRA’s findings, in return for his investment, he reportedly received a limited partnership interest in the hedge fund. Then, in September and October 2019, Minich purportedly advised two Ameriprise customers to invest a combined total of $150,000 into the same hedge fund.
FINRA alleges that Minich did not provide Ameriprise with prior written notice of these transactions. Minich also purportedly lied to the firm in a January 2020 annual attestation that he had not engaged in any private securities transactions other than those he had received pre-clearance for from the Firm.
According to Minich’s broker report, he was affiliated with Ameriprise Financial Services in Bradford, PA from
05/14/2015 until l he was reportedly dismissed on 06/09/2020. He is reportedly not currently registered with any brokerage firm at this time.
The White Law Group is investigating the liability that Minich’s former employer may have for his actions in regards to his outside business activities.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you are concerned about investments with Daniel Minich, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
Tags: Ameriprise, Daniel Minich, Daniel Minich allegations, Daniel Minich Complaint, Daniel Minich crypto hedge fund, Daniel Minich financial advisor, Daniel Minich FINRA, Daniel Minich investigation, Daniel Minich recovery options, Daniel Minich Daniel Minich Bradford PA Last modified: June 5, 2023