Securities Arbitration Lawyer Blog
**Update: September 2, 2021** On August 27, 2021, FINRA accepted Mr. Jensen’s offer to settle disciplinary proceeding No. 2018059733101. As a result, Mr. Jensen has been suspended from associating with any brokerage firm in any capacity for six months and fined $10,000.
Original Post:
Former Ameriprise Financial Services Broker, Clyde Jensen, Facing Disciplinary Charges by FINRA
The Financial Industry Regulatory Authority’s Department of Enforcement has filed a disciplinary proceeding complaint against broker Clyde Anthony Jensen. The complaint alleges that Mr. Jensen acted inappropriately by becoming the beneficiary of $600,000 worth of securities in an elderly client’s account. Specifically, the complaint alleges that, while associated with Ameriprise Financial Services, Inc. in Fort Meyers, FL, Mr. Jensen engaged in the following conduct in violation of FINRA rules:
- Jensen was the broker of record for several accounts held by a customer who was a widow and in her 90s.
- In March 2017, Mr. Jensen told his firm that his elderly customer wanted to name Mr. Jensen the beneficiary of nine securities in one of her firm accounts, which, at the time, were worth approximately $600,000.
- Jensen’s supervisor denied the request and told Mr. Jensen that firm policy prohibited either him or his family members from being a named a beneficiary of the client’s accounts.
- Nevertheless, just a few weeks later, Mr. Jensen met with an attorney who amended the customer’s trust to name Jensen the primary beneficiary and his children as contingent beneficiaries of the nine securities.
- Jensen failed to disclose to his supervisor or anyone else at the firm that he had been named beneficiary or that his children had been named contingent beneficiaries of the client’s trust.
- Jensen continued to manage the customers’ accounts until her death on July 10, 2018.
- In August 2018, Mr. Jensen attempted to have the securities transferred to an account he controlled, but his firm rejected the transfer.
Mr. Jensen has 11 years of experience in the securities industry and has been associated with eh following firms:
- TD Private Client Wealth LLC in Tampa, FL, from March 2020 to the present.
- Woodstock Wealth Management, Inc. in Valrico, FL, from February 2019 to March 2020.
- Woodstock Financial Group, Inc. in Valrico, FL, from October 2018 to December 2019.
- Ameriprise Financial Services, Inc. in Fort Myers, FL, from December 2016 to August 2018.
- Morgan Stanley in Tampa, FL, from September 2012 to December 2016.
- Edward Jones in Riverview, FL, from June 2009 to September 2012.
Mr. Jenson’s public disclosure report also discloses that he plead guilty to felony aggravated battery in 1991.
How to Recover Financial Losses or Obtain a Free Consultation
If you or a loved one were a customer of Clyde Jensen and either sustained financial losses or suspect that Mr. Jensen did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.