Advisor Alert: Our Attorneys Are Investigating Shawn Elizabeth Parker For Investment Fraud
Did You Lose Money Because of Shawn Parker?
Filed: January 24, 2024
Shawn Elizabeth Parker has been the subject of one (1) regulatory event, one (1) termination event, and eight (8) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Shawn Elizabeth Parker.
Who Is Shawn Elizabeth Parker?
- Advisor Name: Shawn Elizabeth Parker
- Aliases: Shawn Parker
- CRD: 1768234
- Location: Schaumburg, Illinois
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Ameriprise Financial Services, LLC and IDS Life Insurance Company
- Number of Known Customer Complaints: 8
- Number of Known Regulatory Events: 1
- Number of Known Termination Events: 1
- Can Shawn Parker Be Sued: Yes, in Private Arbitration
- Can Shawn Parker’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $254,336.56
- Highest Settlement: $25,000
If you have suffered investment losses by Shawn Parker, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Shawn Parker For Broker Misconduct
As of this publication date, Shawn Parker has been the subject of 1 regulatory event, 1 termination event, and 8 customer disputes. Let’s review them below.
In April 2022, FINRA initiated a regulatory action against or in reference to Shawn Parker for hosting an annual training and educational event for approximately 250 clients during the holiday season at a local banquet venue. At the conclusion of the event, the venue issued an invoice detailing the charges incurred, including the costs of the food and beverages served, which Parker paid. At the conclusion of the annual training events, Parker directed her staff to prepare reimbursement requests to be submitted to the firm, seeking reimbursement for Parker from wholesaler contributions that had been provided for the event. For at least two of the events, the expense reports submitted at Parker’s direction contained falsified invoices that overstated the total amount of reimbursable expenses incurred at the event. As a result, Parker received at least $25,000 to which she was not entitled.
In January 2021, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that Parker misrepresented the features and benefits of the SecureSource 2 Living Benefit Rider on his RiverSource RAVA 5 Advantage Variable Annuity in May 2011. Per the customer, he lost over $254,336.56 because of Parker’s actions.
In December 2020, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that Parker both misrepresented the purchase of two Real Estate Investment Trusts and a Business Development Company and his initials were forged on the Direct Investment Application.
In September 2020, a FINRA arbitration was filed against or in reference to Shawn Parker by multiple customers of Ameriprise Financial Services, LLC alleging that Parker recommended unsuitable REIT and BDC investments and seek compensatory damages of $77,000. Per the customers, they lost over $77,000 because of Parker’s actions.
In June 2020, Ameriprise Financial terminated Shawn Parker following disciplinary action for compliance policy violations related to submissions through the wholesaler reimbursement process.
In May 2016, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that the client’s purchase of a variable annuity in October 2014 was misrepresented. Per the customer, he lost over $7,197.14 because of Parker’s actions.
In October 2012, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that the Inland American REIT purchased in January 2008 was an unsuitable investment. Per the customer, he/she lost over $12,000 because of Parker’s actions.
In May 2011, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that the tax consequences were not disclosed on a qualified transaction in May 2000. Per the customer, he/she lost over $14,998 because of Parker’s actions.
In September 2009, a FINRA arbitration was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that between 8/08 and 9/08, he directed the liquidation of his equity and fixed income positions, but the accounts were not liquidated, resulting in $156,000 in market losses. The claimant alleges unsuitability, misrepresentations and omissions, breach of fiduciary duty, violation of NASD conduct rules, negligence, failure of supervision, breach of contract, fraudulent misrepresentation and vicarious liability. Per the customer, he lost over $156,000 because of Parker’s actions. On February 24, 2011, Parker settled the claim for $25,000, and some or all of this amount may have been paid by Parker’s employer and/or insurance carrier.
In November 2008, a complaint was filed against or in reference to Shawn Parker by a customer of Ameriprise Financial Services, LLC alleging that he requested Parker to pull his investment portfolio out of the market, however, the request did not happen nor was advise on investment options/recommendations given causing the client to sustain losses within the investment portfolio. Per the customer, he lost over $5,000 because of Parker’s actions.
How To File A Claim Against Shawn Parker (previously with Ameriprise Financial Services, LLC and IDS Life Insurance Company) To Get Your Money Back
If you have questions about Shawn Parker, Ameriprise Financial Services, LLC, IDS Life Insurance Company, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.