SIDE BAR: Don't bothering pointing out to me what I already noted; namely, that the AWC inexplicably fails to account for Torcivia's 2012 attestation.
policies in place prohibiting representatives or members of their household from being listed as a beneficiary by or inheriting from customers, except in certain limited circumstances not applicable here. These policies further required representatives to attempt to get any such beneficiary listings removed, and to notify their supervisor of the beneficiary listings.
Then, in December 2015, after Torcivia was no longer associated with Ameriprise, and subsequent to the resolution of litigation involving Torcivia's wife and other beneficiaries of VS, Torcivia's wife ultimately received the approximately $133,000 from VS's account.
In February 2015, after Ameriprise opened an investigation into Torcivia's fiduciary and beneficiary listings by customers, Torcivia disclosed to Ameriprise his and his wife's fiduciary and beneficiary status concerning customers JS, VS, and HS. During FINRA's subsequent investigation of this matter, however, Torcivia initially withheld that his wife had ultimately retained the money from VS's IRA account, which fact only came to light after additional investigation by FINRA began an investigation into this matter after receiving a Form U5 filed by Ameriprise regarding Torcivia. The Form U5 reported the termination of Torcivia's association with Ameriprise for failures to disclose fiduciary and beneficiary relationships with clients.
THE REGISTERED REPRESENTATIVE WAS SUSPENDED ON FEBRUARY 9, 2016 AND TERMINATED ON FEBRUARY 20, 2015 FOR COMPANY POLICY VIOLATIONS RELATED TO FAILURE TO DISCLOSE FIDUCIARY AND BENEFICIARY RELATIONSHIPS WITH CLIENTS.