FINRA

Without admitting or denying the findings, Fairbanks consented to the sanctions and to the entry of findings that she borrowed $75,000 from her securities customer and friend for the purpose of purchasing a house without her member firm's knowledge or permission. The findings stated that Fairbanks and the customer did not document any agreement about the loan, due to their personal relationship, or agree on a schedule for repayment, an interest rate, collateral, or other key terms of the loan. Five months later, the customer asked Fairbanks to repay the loan and she did so. During that period, Fairbanks' firm prohibited associated persons from borrowing money from customers, and Fairbanks did not seek her firm's approval for the loan. The findings also stated that around the time that Fairbanks repaid the loan, she sent approximately 20 text messages about securities to the customer, a means of communication that her firm prohibited and could not monitor. Some of the messages addressed specific transactions, such as orders to sell certain option contracts, investment strategies, such as whether the customer should sell a certain issuer's securities, the performance of the customer's accounts, and referred to a complaint that the customer had about Fairbanks' trading practices. Fairbanks did not provide her text messages with the customer to her firm so that it could retain the communications.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$7,500.00

Suspension

All capacities

Five months

2/5/2018

7/4/2018

The customer alleges misrepresentation and unsuitable investment recommendations from August 2006 to March 2012.

$50,000.00

Client alleged the advisor misrepresented risks associated with options trading and concentrated the investments in high risk options.

$5,000.00

$125,000.00

Ameriprise Financial

Permitted to Resign

Registered representative was suspended on May 11, 2017 and resigned while under review for company policy violations related to borrowing from a client and exchanging business related text messages with a client.

CLAIMANT ALLEGES CHURNING, BREACH OF CONTRACT, BREACH OF FIDUCIARY DUTY, MISREPRESENTATION, NEGLIGENCE, MISMARKING ORDERS, AND NEGLIGENT SUPERVISION BETWEEN 2004 AND AUGUST 2006.

$100,000.00

$15,000.00

the firm decided to settle this matter to avoid the costs and risks of protracted litigation. we continue to deny the allegations alleged in the claim. The registered person did not contribute to the settlement.

FINRA

WITHOUT ADMITTING OR DENYING THE FINDINGS, FAIRBANKS CONSENTED TO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT SHE DID NOT HAVE WRITTEN AUTHORIZATION FROM HER CUSTOMERS TO EFFECT DISCRETIONARY TRADES IN THE CUSTOMERS' ACCOUNTS AND HER MEMBER FIRM HAD NOT APPROVED HER USE OF DISCRETION IN HER CUSTOMERS' ACCOUNTS. THE FINDINGS STATED THAT FAIRBANKS EFFECTED APPROXIMATELY 57-69 DISCRETIONARY TRANSACTIONS IN THE SECURITIES ACCOUNTS OF SEVEN FIRM CUSTOMERS. THE FINDINGS ALSO STATED THAT FAIRBANKS MISMARKED APPROXIMATELY 54-70 ORDER TICKETS IN THE SAME CUSTOMERS' ACCOUNTS AS UNSOLICITED ORDERS WHEN, IN FACT, THE TRADES WERE SOLICITED, CAUSING THE FIRM TO MAINTAIN INACCURATE BOOKS AND RECORDS.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$10,000.00

Suspension

ANY CAPACITY

30 BUSINESS DAYS

10/6/2014

11/14/2014

THE CUSTOMER ALLEGES UNAUTHORIZED TRADING, EXCESSIVE TRADING AND MISREPRESENTATION AND OMISSION OF MATERIAL FACTS FROM AUGUST 2006 TO AUGUST 2011.

$100,000.00

THE CUSTOMER ALLEGES UNSUITABLE INVESTMENT RECOMMENDATIONS, UNAUTHORIZED TRADING AND MISREPRESENTATION FROM APRIL 2010 TO SEPTEMBER 2010.

$140,000.00

$72,000.00

THE CUSTOMER ALLEGES UNAUTHORIZED TRADING AND UNSUITABLE INVESTMENT RECOMMENDATIONS FROM OCTOBER 2010 TO FEBRUARY 2011.

$11,050.00

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

Discharged

CONDUCT INCLUDING TAKING DISCRETION IN CLIENT ACCOUNTS AND MISMARKING ORDERS.

THE CUSTOMER ALLEGES UNAUTHORIZED TRADING, EXCESSIVE TRADING, UNSUITABLE INVESTMENT RECOMMENDATIONS AND MISREPRESENTATION.

$262,541.00

$104,000.00

CLIENT'S ATTORNEY ALLEGED UNSUITABLE INVESTMENTS - FEBRUARY 2002 THROUGH JULY 2002.

$30,000.00

CLAIM DENIED.