WARNING: Investigation of STEVEN YELLEN – El Paso, TX
Steven Yellen, formerly with Morgan Stanley and Ameriprise Financial Services, Suspended from Securities Industry
Have you lost money with financial advisor Steven Yellen of El Paso, Texas? The Law Firm of Israels & Neuman is investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Steven T. Yellen. FINRA suspended Yellen from the securities industry for one year and fined him $25,000. It was alleged that Yellen exercised discretion in a customer account without written authorization while registered with Morgan Stanley. It was further alleged that Yellen established a second account at Morgan Stanley without the customer’s knowledge and placed two trades in the account. Yellen also allegedly exercised discretion for ten customers without written authorization while he was registered with Ameriprise Financial Services.
Steven Yellen was a financial advisor and registered representative of Ameriprise Financial Services from March 2016 to January 2018 and with Morgan Stanley from 2007 to February 2016. He worked at branch offices in El Paso, Texas. He was terminated by Ameriprise Financial Services for options trading in a customer account. Yellen is also a color analyst for the University of Texas El Paso (UTEP) basketball.
Brokerage firms like Ameriprise Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington; Ann Arbor, Michigan; and Denver Colorado. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Texas. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Ameriprise Financial Services and Morgan Stanley.
Click to view: Yellen, Steven FINRA AWC
Click to view: Yellen, Steven BrokerCheck 10.24.19
If you lost money with Steven Yellen, Morgan Stanley, or Ameriprise Financial Services, please CONTACT US at 720-599-3505 for a free evaluation of your case.
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