A National Securities Arbitration & Investment Fraud Law Firm


Published on:

FINRA Suspends Broker Brian Hussey Following Allegations Of Unsuitable Recommendations

Brian John Hussey, Jr., (CRD #4640067) is a registered broker and investment advisor who is currently suspended by FINRA. His last (and only employer) is Ameriprise Financial Services, Inc. (CRD #6363) of Tampa, FL. He has been in the industry since 2008.

Hussey’s suspension stems from a customer complaint on 9/23/2016 that he recommended unsuitable investments to a customer. The customer, who was also an administrative employee of Ameriprise, requested damages of $88,728.00. The firm settled for $67,019.24.

The customer alleges that Hussey unsuitably recommended that she liquidate two IRAs that she held which was the largest part of her liquid net worth, and invest in penny stocks focused on commercial marijuana. This was inconsistent with the client’s investment “growth” goals for both IRAs. The client lost most of her investments in these speculative securities.

The firm also prohibits brokers from soliciting for penny stocks, and their electronic trading system doesn’t allow solicited penny stock trades. To allow the trades to be recorded, Hussey mismarked these as “unsolicited,” in violation of the firm’s policy, and in violation of FINRA Rules 4511 and 2010.

Additionally, Hussey suggested to the client that she re-open her accounts with another FINRA firm. Using the client’s login credentials, Hussey continued to manage her accounts, continuing to without informing Ameriprise or the other FINRA firm. This violated both NASD Conduct Rule 3050(c) and FINRA Rule 2010.

Hussey was not given any financial sanctions due to his current financial situation. However, Ameriprise settled the dispute for $67,019.24, which Hussey is obligated to pay back to the Firm when his suspension is up and he returns to work.

Hussey has three additional financial disclosures, one from 2015 and two from 2013. They are all “compromise” type disclosures, with the 2015 case listed as “discharged,” and the others from 2013 listed as “satisfied/released.” No additional information is available.

Brokerage firms and brokers are quickly becoming involved with marijuana companies and stocks as investment banking and trading in “pot” stocks continue to grow.  Our attorneys routinely represent investors defrauded in marijuana stock or “pot” stock.  If you invested in a marijuana company and have questions for counsel, please contact us for a no-cost consultation.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  Most cases handled on a contingent fee basis. This means that you won’t any pay legal fees unless we are successful. Call us toll free at 800-975-4345, or user our online contact form to get in touch.

Contact Information