James Dunn: $1mm Complaints Against Barred Ameriprise Advisor

Former Vienna, Virginia financial advisor James Dunn (CRD# 6084258) allegedly refused to cooperate with an investigation into his conduct, according to a recent Financial Industry Regulatory Authority action barring him from acting as a broker. FINRA records show that the former Ameriprise Financial Services representative has also received numerous investor complaints, several of which settled for more than $1 million. 

According to a Letter of Acceptance, Waiver, and Consent (No. 2021073167701), in April 2022 FINRA sent Mr. Dunn a request for information or documents relating to its probe of the circumstances surrounding his 2021 resignation from Ameriprise Financial Services. As the AWC Letter notes, he resigned from the firm while he was under scrutiny “for potential violation of company policy related to suitability, unauthorized trades and texting with clients.” In July 2022 Mr. Dunn informed FINRA via counsel that he would not produce the requested documents or information. FINRA found that this refusal constituted violations of FINRA Rules 8210 and 2010, and barred him from associating with any FINRA member in any capacity. 

Mr. Dunn’s BrokerCheck report discloses 22 investor complaints. One of the most recent, filed in March 2022, alleged that as a representative of Ameriprise Financial Services, he over-concentrated the customers’ accounts “in Chinese educational stocks without their knowledge, consent or permission,” and that these investments resulted in losses. In June 2022 the complaint reached a settlement of $200,000.

An earlier investor complaint, filed in January 2022, alleged that Mr. Dunn made unauthorized purchases of equity securities. The complaint reached a settlement of $164,809.33.

A third investor complaint against Mr. Dunn, filed in January 2022, alleged that he made unauthorized purchases of equity securities while an Ameriprise Financial Services representative. In February 2022 the complaint reached a settlement of $627,581.73. A fourth investor complaint, filed in December 2021, similarly alleged that he made unauthorized purchases, reaching a settlement of $299,568.18. Two other unauthorized trading complaints filed that month reached settlements of $380,549.22 and $510,284.69, respectively. A third December 2021 unauthorized trading complaint against Mr. Dunn reached a settlement of $1,174,852.69, while a similar complaint filed in August 2021 reached a settlement of $1,416,990.62.

According to the Financial Industry Regulatory Authority, James Dunn holds nine years of securities industry experience. Formerly based in Vienna, Virginia, he was a broker with Ameriprise Financial Services from 2019 until his resignation in 2021. His past registrations include Wells Fargo Clearing Services and Morgan Stanley. His credentials include the passage of four securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. Having been barred from acting as a broker, he is not currently licensed with any state. (Information current as of August 23, 2022.)

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