Former Ameriprise Financial Services Advisor Scott Taubman Suspended

PEORIA, ARIZONA     Did you lose money with financial advisor Scott Taubman from Peoria, Arizona? He  was suspended for four months by FINRA.  FINRA began its investigation after he was “permitted to resign” by his former brokerage firm, Ameriprise Financial Services.  Mr. Taubman was under internal investigation by Ameriprise Financial Services, regarding allegations that he borrowed $100,000 from two customers.  Financial advisors generally cannot borrow money from clients, with limited exceptions, and the advisor must get prior approval to borrow money from clients.

Scott Taubman held securities licenses with Ameriprise Financial Services from March 2017 to September 2022 and previously with Allstate Financial Services from 2008 to March 2017.  He worked in Peoria, Arizona.  Taubman has also been the subject of a 2022 bankruptcy and a 2023 customer complaint.

Under FINRA Rule 3240, an advisor can borrow from a customer but under certain circumstances.  Likewise, under FINRA Rule 3111, brokerage firms are required to have written supervisory and compliance procedures.  If brokerage firms fail to reasonably supervise its advisors, it may be liable for customer losses.

Our firm has represented numerous investors throughout Arizona and have sued dozens of brokerage firms in the past, including Ameriprise Financial Services.  Attorney Aaron Israels is licensed to practice law in Arizona, and we maintain an office in Phoenix, Arizona.

View  BrokerCheck report here.

View FINRA AWC here.

If you lost money with Scott Taubman or Ameriprise Financial Services, please Contact Us at 206-795-5798 for a free evaluation of your case.