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Glendale Broker Arthur Hoffman Barred: Alleged Private Transactions

Former Ameriprise Financial Services broker Arthur Hoffman (CRD# 3193754) was recently the subject of a Financial Industry Regulatory Authority disciplinary action over allegations involving private securities transactions and outside business activities. Previously a representative at the firm’s office in Glendale, Arizona, he was barred from associating with any FINRA member firm.

According to a Letter of Acceptance, Waiver, and Consent (No. 2020066342101) dated May 2020, Arthur Hoffman was associated with Ameriprise Financial Services as a General Securities Representative starting in November 2016. On April 17, 2020, FINRA initiated an investigation after Ameriprise disclosed that it had suspended Hoffman “for company policy violations related to outside business activities and private securities transactions.” In connection with this investigation, FINRA sent him a request on April 24, 2020 to produce documents and information regarding the matter. The AWC Letter goes on to state that he indicated in a May 4, 2020 phone call with FINRA staff that he had received the request but would not produce the requested documents or information, a refusal that FINRA concluded was a violation of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from associating with any FINRA member firm in any capacity.

His BrokerCheck report also lists his May 2020 discharge from Ameriprise Financial Services, with the following description of the underlying allegations: “Registered Representative was terminated for company policy violations related to outside business activities and private securities transactions.”

The report also discloses one customer complaint against him. Filed in 2016, the complaint alleged that as a representative of Wedbush Securities, he committed securities fraud and common law fraud, misrepresented material facts, breached his fiduciary duty, and acted negligently. The complaint reached a settlement in 2018 of $329,500.

Arthur Hoffman is currently not registered as a broker. His previous registrations include Ameriprise Financial Services, Wedbush Securities, Merrill Lynch, and Morgan Stanley. He has passed six securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 28, 2020.)

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