Customer Complaints Allege James Dunn, Ameriprise Broker, made Unauthorized Trades
According to public records from the Financial Industry Regulatory Authority (FINRA), financial advisor James William Dunn, Jr. (CRD#: 6084258) has 19 customer complaints that, seeking combined damages of more than $7 million. All of the complaints allege that Dunn purchases undisclosed securities without authorization from the clients. One of the complaints, filed in August 2021, indicates that “The client alleged his advisor recently (June to August 2021) executed unauthorized trades in foreign securities,” according to Dunn’s FINRA Broker Report. This particular complaint is seeking damages of $1,156,433.99, and is still pending.
Currently, 14 of the complaints have been settled, with 5 still pending, according to FINRA.
Unauthorized transactions are trades that a broker makes for a customer without the customer’s permission.
FINRA has rules prohibiting brokers from making unauthorized transactions. (FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)).
According to his FINRA Broker report, Dunn was reportedly affiliated with the following firms during his 9 year career in the securities industry.
05/31/2019 – 11/18/2021, AMERIPRISE FINANCIAL SERVICES, LLC (CRD#:6363), Vienna, VA,
09/11/2015 – 05/20/2019,WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616), ARLINGTON, VA
08/14/2012 – 09/22/2015, MORGAN STANLEY (CRD#:149777), MCLEAN, VA
Dunn reportedly voluntarily resigned from Ameriprise on October 19, 2021. According to his broker profile, he resigned while under an investigation for “potential violation of company policy related to suitability, unauthorized trades and texting with clients.”
How to Recover Investment Losses
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, 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 losses investing with James Dunn Jr., 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 foregoing information, which is all publicly available, is being provided by The White Law Group.
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, please visit our website, www.whitesecuritieslaw.com.
