Randall A. Samson (“Mr. Samson”), a financial advisor with Ameriprise Financial Services, Inc. (“Ameriprise”), was barred from association with any FINRA member after transferring funds out of a client’s account and taking it for himself.
Mr. Samson used his position as a financial advisor to complete a $10,000 distribution out of his client’s 401(k) subaccount to Mr. Samson’s own bank account. Mr. Samson made the withdrawal without the client’s knowledge or consent. The funds were wired to Mr. Samson’s bank account where he then used the money to fund payroll and other overhead expenses for his new personal business venture, Samson & Associates.
Mr. Samson’s conduct clearly violates FINRA rules that no person associated with the member firm can improperly use a customer’s securities or funds. Ameriprise’s compliance department contacted Mr. Samson about the distribution but when questioned, Mr. Samson falsely stated that the customer had requested the transfer in an effort to conceal his unauthorized act.
Clearly, a financial advisor stealing money from a client for his own personal use raises a red flag to his current investors and the general investing public. Mr. Samson’s actions indicate that he might not be very good at his job but more importantly, this might not have been an isolated event. In other words, if Samson so willfully stole $10,000 from one client, it does not seem too far-fetched to assume he may have done it before with other clients and would have done it again if not for FINRA banning him from the securities industry.
If you believe that you have suffered losses due to an unethical financial advisor, contact the attorneys at Investor Defense Law LLP at no charge to find out whether you have a claim.
Investor Defense Law LLP is a law firm dedicated to helping investors in California, Georgia, and Washington recover losses caused by stockbrokers, financial advisers, or investment firms. To learn more, contact an investment fraud attorney at 800.487.4660.