Tiffany Lea Chamberlain (CRD #4204733, Registered Principal) submitted an Offer of Settlement in which she was fined $7,500 and suspended from association with any FINRA member in any capacity for six months. The suspension is in effect from January 22, 2013, through July 21, 2013. See FINRA Case #2011026351101. Chamberlain was registered with FINRA at Morgan Keegan & Company, Inc., from August 2008 to February 2011.

Without admitting or denying the allegations, Chamberlain consented to the described sanctions and to the entry of findings that an affiliate bank of her member firm issued her a credit card to be used for legitimate business of the affiliate only, and was not to be used for personal charges under any circumstances. The findings stated that Chamberlain, on separate occasions, attested that she had read the affiliate’s Code of Conduct, which stated that proper use of corporate assets is her responsibility and must not be used for personal use, and completed the affiliate’s business ethics training, which required reviewing the Code of Conduct.

The findings also stated that Chamberlain knew that the affiliate’s policy prohibited her from using her corporate-issued credit card for personal expenses. Nonetheless she repeatedly used the credit card to make cash withdrawals from automated teller machines (ATM) and improperly used the proceeds to pay for her personal expenses. Chamberlain used her corporate-issued credit card numerous times to improperly withdraw approximately $40,342 in cash to pay for personal expenses, in violation of the affiliate’s policies, notwithstanding the fact that she typically paid her credit card bill in full on or near the due date. Chamberlain improperly paid for personal expenses using the proceeds of the cash withdrawals made with her corporate credit card.

The findings further included that Chamberlain never obtained permission from her firm or its affiliate to use the affiliate’s funds to pay for personal expenses. Chamberlain used the withdrawn funds in a manner she was not authorized or entitled to use them, and knowingly violated the affiliate’s policies she had accepted and acknowledged as part of her association and as a condition of being issued the credit card.

Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”

Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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