Ameriprise Broker Corey Lee Mireau Disciplined for Undisclosed Personal Loans with Customers and Out
The Financial Industry Regulatory Authority (FINRA) brought an enforcement action against registered representative Corey Lee Mireau (Mireau) (FINRA No. 2017055910301). The underlying basis of the enforcement action concerned allegations Mireau borrowed funds from two of his customers without disclosing the loans to his firm and used the funds for a personal securities transaction. As a result of the undisclosed personal loans, FINRA suspended Mireau for two years and fined him $15,000.
Mireau (FINRA CRD No. 3046777) entered the securities industry in 1998. From 1998 to 2006, Mireau worked for IDS Life Insurance Company. From 2006 until October 2017, Mireau was employed by and registered with Ameriprise Financial Services, Inc. (“Ameriprise”). In October 2017, Ameriprise essentially fired Mireau for company policy violations related to borrowing from clients and disclosure of outside business activities. Upon information and belief, Mireau has not returned to work in the financial industry.
FINRA’s Department of Enforcement investigated Mireau and alleged he borrowed a total of $650,000 from two of Ameriprise’s customers. At the time, Ameriprise prohibited its representatives from borrowing from customers. According to FINRA, Mireau then used a portion of the loans in order to fund a private securities transaction. FINRA also alleged Mireau provided consulting services to another Ameriprise client, which is considered an undisclosed outside business activity in violation of firm and FINRA rules.
FINRA alleged Mireau violated several FINRA rules and regulations, including NASD Rule 3040 and FINRA Rules 3240(a) and 2010. Specifically, FINRA Rule 3240 prohibits registered persons from borrowing money from or lending money to any customer certain conditions and/or exceptions are satisfied. A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principals of trade.
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