Please call if you suffered losses with Matthew David Niederbaumer of Huron, South Dakota and employed by Thrivent Investment Management.
Mr. Niederbaumer submitted an AWC, a settlement agreement where a securities broker neither admits but cannot deny fault, in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days.
Without admitting or denying the findings, Niederbaumer consented to the sanctions and to the entry of findings that he exercised discretion in executing transactions in connection with the sale and purchase of exchange-traded notes and funds in five of his customer’s accounts. The findings stated that while the customers consented to the transactions, Niederbaumer did not obtain the customers’ prior written authorization to exercise discretion in the accounts, and his member firm did not approve the accounts for discretionary trading.
Part of the concern in this matter is the fact that the trades involved exchange traded notes (ETN). ETN investments carry a high commission and are high risk. The possibility for abuse and improper intent is much more likely when such trades result in a commission higher than normal, and the chance that a customer would reject a recommended investment with such a high commission if consulted is greater.
The record of Mr. Niederbaumer’s compiled by FINRA can be found at the following link.