George Herman Snyder IV previously served as an Ameriprise broker in Springfield, Missouri.
On October 11, 2024, FINRA, a regulator overseeing securities brokerages, issued a settlement, an AWC, which assessed Snyder with penalties. The regulator issued a deferred fine of $10,000, suspended from association with any FINRA member in all capacities for five months, and ordered to pay deferred disgorgement of commissions received in the amount of $3,699.03, plus interest.
If you are a Snyder investor, please call to discuss your rights. We have helped investors for over 20 years recover similar losses due to mismanagement or fraud. Either Snyder or Ameriprise may have obligations to compensate you depending on your loss.
Without admitting or denying the findings, George Snyder consented to the AWC sanctions and to the entry of findings that he willfully violated Regulation BI. Reg BI is the obligation that securities brokers have to act in the best interests of their investors. The violation of Reg BI occurred by Snyder recommending that 13 of his investors make purchases of securities without Snyder having a sufficient understanding of the risks and features associated with the products he recommended, and without Snyder analyzing whether the recommendations were in the best interest of his customers.
The findings stated that George Herman Snyder recommended the customers invest in leveraged exchange traded funds, also known as Non-Traditional Exchange-Traded Products. Leveraged funds can fluctuate wildly. This is generally not in the interests of retired individuals or those looking for moderate or conservative investments.
In addition, George Snyder recommended that 11 customers, including almost half of the 13 customers, invest in equity securities of two companies engaged in crypto asset mining. Investment in crypto mining is a highly speculative venture.
Snyder did not have an understanding of the features and risks associated with the investments,
including the holding-period risk of NT-ETPs or the volatility of the commended
stocks, and he was unfamiliar with the strategies or relative costs of the product he
recommended.
Snyder’s investors had minimal or no experience investing in these
products, and he did not consider his customers’ specific investment profiles, this can include proximity to retirement. Six of the customers were senior investors, two of whom had a moderate risk tolerance, and five additional customers had conservative or moderate risk tolerances.
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