April 2011 FINRA Enforcement Action Against Registered Representative:
Jennifer J. Guelinas (CRD #2814512, Registered Representative, Valparaiso, Indiana formerly licensed with Amerprise Financial Services) submitted a Letter of Acceptance, Waiver and Consent in which she was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Guelinas consented to the described sanction and to the entry of findings that she converted at least $500,000 from the brokerage accounts of senior citizen customers of her member firm by signing, without authorization, wire transfer requests which resulted in the conversion of the funds from the customers’ accounts to outside bank accounts she controlled and to third parties; the customers did not authorize the transfers. The findings stated that Guelinas, without authorization, signed wire transfer requests, real estate purchase agreements and a promissory note on senior citizen customers’ behalf. The findings also stated that Guelinas arranged and participated in real estate investments with senior citizen customers of her member firm and received compensation. The findings also included that Guelinas received compensation from a rental apartment she owned and failed to disclose the real estate investments, the compensation from the investments or the rental income to her member firm. FINRA found that Guelinas failed to disclose material information on her Form U4. (FINRA Case #2010025098101)
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