Shawn Parker: REIT Complaints, FINRA Bar, CFP Board Suspension

Former Ameriprise Financial Services advisor Shawn Parker (CRD# 1768234) has received investor complaints alleging her REIT and variable annuity recommendations resulted in losses. Financial Industry Regulatory Authority records show that the former Schaumburg, Illinois broker and investment advisor was also the subject of a recent FINRA sanction barring her from acting as a broker. 

Ms. Parker’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2021, alleges that as an Ameriprise representative, she misrepresented the features and benefits of of a RiverSource RAVA 5 Advantage variable annuity. The customer sought damages of $254,336.56 in the complaint, which was denied by the firm.

A second investor complaint, filed in 2020, alleged that Ms. Parker misrepresented material facts relating to investments in real estate investment trusts (REITs) and a business development company. The complaint alleged further that the customer’s “initials were forged on the Direct Investment Application.” The complaint alleged unspecified damages before it was denied by the firm.

A third investor complaint, filed in 2020, alleged that Ms. Parker recommended unsuitable investments in REITs and BDCs while an Ameriprise representative. The complaint alleged damages of $77,000 before it was withdrawn by the claimants.

A fourth investor complaint, filed in 2016, alleged that Ms. Parker misrepresented material facts relating to a variable annuity investment. The complaint alleged damages of $7,197.14 and was denied by Ameriprise. A fifth investor complaint, filed in 2012, alleged that Ms. Parker recommended an unsuitable investment in an Inland American REIT. The complaint alleged damages of $12,000 and was denied by the firm.

Ms. Parker’s BrokerCheck report also discloses an April 2020 FINRA action connected to allegations she “converted at least $25,000 from her member firm.” As a result of its findings, FINRA barred her from associating with any FINRA member firm in any capacity. Certified Financial Planner Board of Standards records describe a related action taken in May 2022. According to a news release by the organization, it “issued an automatic interim suspension order suspending Ms. Parker’s right to use the CFP® certification” after it learned of the April 2022 FINRA action barring her from associating with any member firm. 

According to the Financial Industry Regulatory Authority, Shawn Parker holds 32 years of securities industry experience. Last based in Schaumburg, Illinois, she was a broker with Ameriprise Financial Services from 1987 until 2020. She was also registered as a broker with IDS Life Insurance Company in Minneapolis, Minnesota from 1987 until 2006. She is currently not licensed as a broker with any US state or FINRA member firm. (Information current as of August 14, 2022.)

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