(FINRA Case #2015045703002)
Mark Brian Degner (CRD #2364726, Shady Cove, Oregon) – An AWC (Accept, Waiver & Consent) was issued in which Degner was fined $7,500 and suspended from association with any FINRA member in all capacities for 20 business days.
Without admitting or denying the findings, Degner consented to the sanctions and to the entry of findings that he negligently made material misstatements in connection with the sale of 20-year interest rate-linked CDs to elderly customers.
The findings stated that Degner misrepresented that their CDs were not subject to any survivor benefit limitations when, in fact, they were. In fact, the survivor benefits of these CDs were subject to a material limitation that restricted the aggregate amount of early redemptions among all purchasers. The issuer’s disclosure statement disclosed this limitation. Degner, however, did not review the issuer’s disclosure statement prior to selling the CDs.
Based on Degner’s recommendation, the customers purchased CDs totaling $685,000. As a result of the survivor benefit limitation, the estates of two of the customers were unable to redeem fully their CDs. After Degner learned of the survivor benefit limitation, he informed the remaining customers of the limitation and they sold their CDs in the secondary market.
The elderly customers or their estates suffered losses of approximately $75,000. All the customers have been made whole for any losses resulting from the CDs.
The suspension was in effect from March 5, 2018, through April 2, 2018.
Degnar worked for LPL Financial LLC (CRD# 6363) from 1999 until 2017. Degner is currently employed by Ameriprise Financial Service, Inc. (CRD#6363)
If you feel you have been misled or taken advantage by Mark Brian Degner or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.