FINRA has reprimanded an advisor for allegedly trying to settle a customer complaint without notifying his then-employer, BB&T Investment Services.
Ashley Elmo Arnsdorff used his own money to pay the customer the interest she expected to receive on a brokered certificate of deposit that she authorized him to buy, according to Arnsdorff's settlement with FINRA.
The customer had complained to Arnsdorff that she failed to receive the interest, FINRA said.
The regulator scolded him for attempting to secretly appease the customer without BB&T's knowledge, which is a serious FINRA violation.
Arnsdorff agreed to a 10 business-day suspension and a $5,000 fine without admitting or denying the allegations against him. He could not be reached for comment.
Arnsdorff worked for BB&T in Charleston, South Carolina, from January 2014 to July 2017, when he was discharged for settling a customer complaint for $800 without notifying the compliance department, according to his BrokerCheck report.
He had previously been with Edward Jones for four years.
Brian Davis, a spokesman for BB&T, did not return an email seeking comment.
Register or login for access to this item and much more
All Bank Investment Consultant content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access