Missouri Files Complaint Alleging Theft from Elderly Customer by U.S. Bancorp Broker Broker Shannon K. Daniels

Silver Law Group is investigating former Missouri-based U.S. Bancorp Investments, Inc. (CRD# 17868) broker Shannon K. Daniels (CRD# 4606771) after FINRA permanently barred the broker.

According to Daniel’s FINRA BrokerCheck report, FINRA permanently barred Daniels from acting as a broker or otherwise associating with firms that sell securities to the public in August 2016.  According to the BrokerCheck report, Daniels failed to respond to a FINRA request for information.

U.S. Bancorp Investments discharged Daniels in June 2016 alleging the firm did so due to Daniels’ misappropriation of customer funds.  Subsequently, in December 2016, the state of Missouri brought an action against Daniels.

According to Daniels’ BrokerCheck report, the State of Missouri Office of Secretary of State alleges violations of the Missouri Securities Act of 2003 for repeated theft of funds.

The Missouri complaint alleges Daniels withdrew almost $500,000 over the course of three years from an elderly client’s account without the client’s knowledge or consent.  Among other things, the complaint alleges Daniels spent the money on a $34,000 kitchen remodeling job and to purchase a 2016 Ford Explorer.

According to the complaint, Daniels sent a hand-written note to U.S Bancorp admitting to and taking responsibility for taking the funds out of the elderly client’s account.  Daniels allegedly chose the elderly client because “it seemed easy.”

Daniels was based out the Bloomfield, Missouri U.S. Bancorp branch and has been employed with U.S. Bancorp since November 2011.

Elder abuse is a hot topic in the securities industry and an issue that is even more prevalent in Florida given the large population of seniors.

FINRA has started to place more emphasis on the issue recently and has dedicated an entire web page of guidance for elder investors.  In October 2015, FINRA proposed new rules regarding elder financial exploitation in a regulatory notice.  Additionally, in January 2016, FINRA further emphasized elder financial exploitation by making its treatment of the issue a priority in 2016 in FINRA’s yearly Regulatory and Examination Priorities Letter.

Silver Law Group has been helping elders who have been financially abused for years and recovered hundreds of thousands of dollars in the process.

If you or a loved one has lost money due to elder financial abuse with Shannon K. Daniels and U.S. Bancorp Investments, we may be able to recover your lost investments through FINRA arbitration.

Silver Law Group represents the interests of investors and senior investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.