As an experienced financial analyst and legal expert, the allegations against Anida Venniro raise serious red flags for investors. Venniro, formerly registered with Ameriprise Financial Services, allegedly participated in unapproved private securities transactions according to a FINRA investigation. If proven true, this conduct would violate FINRA Rules 3280 and 2020.
The Seriousness of the Allegations
Private securities transactions conducted without proper notification and approval from the registered broker-dealer firm are a major breach of industry rules. This practice, known as “selling away,” puts investors at undue risk.
Some key points about the severity of these allegations:
- Selling away allows brokers to operate without oversight and accountability
- Unapproved investments may be unsuitable, misrepresented, or even fraudulent
- Investors lose critical protections when brokers circumvent compliance rules
The famous investor Warren Buffett once said, “Risk comes from not knowing what you’re doing.” When financial advisors fail to follow proper procedures, it greatly increases risks for their clients who trust in their judgment and ethics.
Background on Anida Venniro
According to FINRA’s BrokerCheck, Anida Venniro has over 15 years of experience in the financial industry. She was most recently registered with Ameriprise Financial Services in Farmington Hills, Michigan from 2021-2024. She “resigned” from Ameriprise in June 2024 while under internal review for allegedly providing inaccurate information related to outside business activities.
A previous investor dispute from 2021 alleged Venniro made misrepresentations related to an unapproved private real estate investment. That case was settled for $97,500. Venniro currently operates Infinity Wealth Management which offers services through International Assets Investment Management.
Did you know? One study found over 98% of financial advisor misconduct may go unreported. Regulatory records likely just show the tip of the iceberg.
In fact, according to Bloomberg, one out of every twelve financial advisors has a record of serious misconduct. This highlights the importance of thoroughly researching and vetting any potential financial advisor before entrusting them with your hard-earned money.
Explaining the Alleged FINRA Violations
FINRA Rule 3280 prohibits registered representatives from participating in private securities transactions without prior written notice to their firm. The rule aims to allow oversight of transactions to protect investors. Violations are also referred to as “selling away.”
Rule 2010 is FINRA’s ethical standards rule requiring members to observe “high standards of commercial honor” and “just and equitable principles of trade.” Undisclosed outside business activities and providing false information would violate this rule.
Together, these rules help maintain transparency and integrity in the brokerage industry. Failure to comply is a serious offense.
Potential Consequences and Lessons
If the allegations are confirmed, Venniro could face penalties like fines, suspension or even a permanent bar from the securities industry. However, the most important consequences are the impacts on investors.
Those who lost money due to unsuitable or unapproved investment advice from Venniro may have legal options to recover damages. If you find yourself in this situation, I recommend consulting with an experienced securities attorney to understand your rights.
The key lesson for all investors is to always work with reputable, properly registered financial professionals. Don’t hesitate to ask questions, request documentation, and research advisors’ backgrounds and disciplinary history. Remember, it’s your financial future at stake.
As Ameriprise reviews this case and FINRA’s investigation unfolds, my hope is that any misconduct is brought to light to protect investors and uphold industry integrity. Selling away schemes can have devastating consequences and cast a shadow over the many good, ethical advisors working to help their clients succeed.
