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Read MoreCindy Beyerlein: FINRA Suspends Former Ameriprise Advisor
Former Lancaster, Pennsylvania financial advisor Cindy Beyerlein (CRD# 4320421) has been suspended in connection with allegations that she violated industry rules. Financial Industry Regulatory Authority records show that she was most recently registered as a broker with Kingswood Capital Partners, having previously been registered with Ameriprise Financial Services.
A Letter of Acceptance, Waiver, and Consent (No. 2022076420001) describes FINRA’s disciplinary action against Ms. Beyerlein. Filed in April 2024, it states that while she was registered with Ameriprise Financial Services, she borrowed a sum of roughly $190,000 from a firm customer without giving the firm prior written notice or receiving its written approval. She borrowed the sum through multiple loans, FINRA found, none of which complied with firm policies and procedures nor FINRA rules. “The customer was not an immediate family member of Beyerlein or in the business of lending money,” according to the Letter, which adds: “Beyerlein used the funds to pay for personal expenses. Beyerlein did not discuss payment terms for the loans or memorialize the loans in writing. The balance of the loans is still outstanding.”
FINRA found that Ms. Beyerlein’s conduct violated FINRA Rules 3240 and 2010. As a result, it suspended her from associating with any member firm in all capacities for a period of eight months. Her suspension is set to begin on April 15, 2024 and end on December 14, 2024.
Ms. Beyerlein’s BrokerCheck report discloses her termination from Ameriprise Financial Services. Filed in February 2023, it states that the firm fired her in connection with allegations that she violated firm policies “related to accepting a loan from two (2) clients,” as well as for failures to disclose an outside business activity and to cooperate with an internal review.
According to the Financial Industry Regulatory Authority, Cindy Beyerlein holds 22 years of securities industry experience. Her registration history includes Kingswood Capital Partners (San Diego, California; 2023), Ameriprise Financial Services (Lancaster, Pennsylvania; 2014-2023), Boenning & Scattergood (Lancaster, Pennsylvania; 2012-2014), Morgan Stanley Smith Barney (Lancaster, Pennsylvania; 2009-2012), and Citigroup Global Markets (Lancaster, Pennsylvania; 2001-2009). Her credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. She has been suspended from acting as a broker. (Information current as of April 8, 2024.)
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