FINRA Files Misconduct Complaint Against Florida Securities Broker/Investment Advisor
Recently, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Clyde Anthony Jensen (CRD#: 5658476) a broker and investment advisor who is currently associated with TD Private Client Wealth LLC in Tampa, Florida. Previously, he served as an associate for a number of different firms, including Ameriprise Financial Services in Fort Myers. The full complaint can be found here: Disciplinary Proceeding No. 2018059733101. Here, our Miami investment fraud attorneys discuss the allegations against Mr. Jensen that were raised by regulators.
FINRA Complaint: Clyde Anthony Jensen Formerly of Ameriprise Financial Services
The Allegations
According to FINRA’s complaint, Clyde A. Jensen was the broker for several accounts owned by an investor listed only as “Customer J.” During the relevant period of review, the investor was a widow in her 90s—she held multiple accounts with Ameriprise Financial Services.
In one of those accounts, she allegedly wanted to name Mr. Jensen as a beneficiary. That account held nearly a dozen securities, which were collectively valued at around $600,000. Mr. Jensen informed his supervisor of the proposed arrangement by the investor.
The supervisor informed Mr. Jensen that he could not be listed as a beneficiary of a customer’s securities account. Firm policy strictly prohibited such an arrangement. However, FINRA alleges that Mr. Jensen went ahead and named himself and his children as beneficiaries.
When ‘Customer J’ passed away in 2018, Mr. Jensen tried to get the $600,000 worth of securities transferred to him, as he was listed as the primary beneficiary. The firm denied his attempt—citing its rules. Mr. Jensen immediately resigned from Ameriprise Financial Services.
FINRA Rules
FINRA has special rules and regulations in place to help protect elderly and otherwise vulnerable investors. Among other things, FINRA requires individual financial advisors to comply with the internal policies of their member firm. In this case, FINRA alleges that Mr. Jensen knowingly violated the rules of Ameriprise Financial Services in an attempt to gain a personal financial benefit.
Proposed Sanctions
FINRA is seeking all appropriate sanctions against Florida securities broker and investment advisor Clyde Jensen. The agency wants a finding that Mr. Jensen committed the violations charged in the complaint and one or more sanctions under FINRA Rule 8310, potentially including a monetary financial penalty. As of May of 2021, this is a pending regulatory action. The complaint includes allegations raised by FINRA. No final disposition has been made in regards to the allegations against the former Ameriprise Financial Services financial advisor.
Contact Our Florida FINRA Arbitration Lawyers for Legal Advice and Support
At Carlson & Associates, P.A., our Florida financial advisor misconduct attorneys protect the rights of investors. You deserve compensation for unfair investment losses. We know how to get your point across. If you have any questions or concerns, please do not hesitate to reach out to our Miami office to arrange your confidential case evaluation. Our law firm provides investment fraud representation in Florida and beyond.
Resources:
finra.org/sites/default/files/fda_documents/2018059733101%20Clyde%20Anthony%20Jensen%20CRD%205658476%20Complaint%20jlg%20%282021-1617841202238%29.pdf
brokercheck.finra.org/individual/summary/5658476
