Bradley K. Drude, a former broker with Ameriprise Financial Services, allegedly failed to disclose the fact that a firm customer had named him as executor and beneficiary in her will, and granted him power-of-attorney. This is against Financial Industry Regulatory Authority (FINRA) rules, as registered representatives are supposed to disclose facts such as this to their member firms. Drude also allegedly failed to disclose outside business activity on questionnaires given to him, and he also falsified firm records. These transgressions occurred from October 5, 2009 until September 11, 2011.
In the will in which Drude had become a beneficiary, the client had over $3 million in assets. The client lived in Louisiana and was devastated by Hurricane Katrina, and suffered a massive stroke. Even though most of the money was left to Drude in the will, written supervisory procedures dictated that it was a conflict of interest for Drude to be executor, personal representative, attorney or any other fiduciary for a client. When asked if he was any of these things to any of his clients on a questionnaire Ameriprise sent out on December 3, 2009, January 29th, 2010 and April 4th, 2011, Drude replied “no.” This is in direct violation of FINRA rules. Drude was fined $25,000 for his misconduct and suspended for six months from the industry.
Because Ameriprise Financial had a duty to reasonably supervise Bradley K. Drude while he was employed with them, the firm may be sued to recover financial losses. If you suffered money losses at the hands of Bradley K. Drude, or with another Ameriprise Financial advisor, please call us for a free consultation at 312-332-4200. We are securities attorneys based in Chicago, Illinois.