JACOB DANIEL DUNLAP at AMERIPRISE FINANCIAL SERVICES, LLC – View Complaints, Disclosures, Scams and Audit Report (Updated 2023)

Disclosure #1 for JACOB DUNLAP

• • eventDate: 12/29/2015
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA: 2012033291203
  • DocketNumberAAO: 2012033291203
  • Initiated By: FINRA
  • Allegations: Without admitting or denying the findings, Dunlap consented to the sanctions and to the entry of findings that he did not investigate various red flags evidencing that a representative, as the member firm’s branch manager, was not reasonably supervising the activities of another registered representative and was failing to enforce applicable firm written policies and procedures. The findings stated that Dunlap failed to reasonably supervise the branch manager’s performance of his responsibilities as a branch manager, as well as the branch manager’s disclosure of his personal investment in a biopharmaceutical company. Despite having been presented with certain red flags associated with the registered representative’s activities, Dunlap never inquired as to whether the branch manager ensured that this registered representative was participating in private securities transactions in a manner that complied with the applicable rule, as well as the firm’s written policies and procedures. Moreover, Dunlap did not take any steps to ensure that the branch manager provided the firm with prior written notice of the branch manager’s personal private securities investment. Explicitly, the registered representative under the branch manager’s direct supervision participated in the sale of approximately $1.72 million of preferred shares issued by the biopharmaceutical company to customers and the firm’s registered representatives, including both Dunlap and the branch manager. The registered representative participated in these transactions without providing prior written notice to the firm. The findings also stated that Dunlap personally invested $20,000 in the private offering without first providing written notice to the firm.
  • Resolution: Acceptance, Waiver & Consent(AWC)
  • SanctionDetails :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
  • SanctionDetails :: Amount: $15,000.00 Sanctions: Suspension
  • SanctionDetails :: Registration Capacities Affected: Any capacity
  • Duration: 10 business days
  • Start Date: 1/19/2016
  • End Date: 2/1/2016 Registration Capacities Affected: A principal capacity
  • Duration: one month
  • Start Date: 2/2/2016
  • End Date: 3/1/2016 Sanctions: Undertaking
  • Sanctions: undertaking- required to cooperate with FINRA in its continuing investigation of FINRA matter number 20120332912.