Ameriprise Advisor Eric Kubiak Barred after Allegations of Outside Business Activities
According to public records on December 14, 2023, the Financial Industry Regulatory Authority (FINRA) has barred financial advisor Eric Kubiak (CRD#: 4637674) after allegations of potential involvement with undisclosed Outside Business Activities, including those potentially related to crypto assets.
Kubiak reportedly refused to provide documents and information requested by FINRA, the securities regulator, in connection with its investigation.
According to FINRA’s findings, Kubiak was reportedly unwilling to produce the outstanding information and documents requested based on an assertion of confidentiality.
Outside Business Activities
FINRA Rule 3270 requires registered representatives to provide prompt written notice to their member firm before engaging in any outside business activity.
Who cares if your broker is involved in outside business activities, you might say. But this rule is designed to protect investors by ensuring that registered individuals do not engage in activities that may compromise their professional responsibilities, cause conflicts of interest, or divert their attention from their primary duties to their clients.
The registered rep’s outside business activity may create a conflict of interest with their obligations to their clients. This conflict of interest could result in the registered individual making recommendations or taking actions that benefit their outside business activities at the expense of their clients’ interests. Engaging in an outside business activity without approval may also divert the registered individual’s attention away from their primary duties to their clients. This diversion of attention could result in the registered individual neglecting important responsibilities, such as conducting due diligence on investments or monitoring their clients’ accounts.
FINRA BrokerCheck: Eric Kubiak
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
According to Eric Kubiak’s FINRA BrokerCheck report, he was affiliated with Ameriprise Financial Services in Cheektowaga, NY from 08/12/2008 – 04/06/2023. His broker report indicates that Kubiak left Ameriprise when he “resigned following his suspension on March 9, 2023 while under review relative to a potential undisclosed Outside Business Activity.”
Filing a Complaint against your Brokerage Firm
FINRA has regulations in place to ensure advisors act in the best interest of their clients (known as the fiduciary duty), but it’s wise for investors to stay informed and ask for clarification about any recommendations made by their advisor.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered investment losses with Eric Kubiak, the securities attorneys at 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 dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses. For more information, please visit our website, www.whitesecuritieslaw.com.
