Eric Dupre, Formerly of Ameriprise, Barred by FINRA for Borrowing $2.2M From Clients

How FINRA Found Eric Dupre Violated Industry Rules

FINRA’s investigation revealed that from September 2022 through February 2023, Eric Dupre (CRD#: 2174456) borrowed more than $2.1 million from a 77-year-old client. The client reportedly borrowed the funds on margin from his Ameriprise account, which left him with significant debt. Despite Dupre’s assurances that he would repay the money plus an additional return, FINRA determined he had no reasonable expectation of repayment given his financial distress at the time.

In addition, Dupre borrowed $65,000 from a married couple in September 2022, later repaying them in December 2022. Even though the amount was smaller, this transaction also lacked approval from Ameriprise and violated firm policy as well as FINRA Rule 3240, which prohibits borrowing from clients without written consent. FINRA also cited a breach of Rule 2010, requiring brokers to adhere to high ethical and professional standards.

To better understand the scope of Dupre’s violations, consider the key details below:

• Total borrowed: More than $2.2 million from three clients
• Largest loan: $2.1 million from a 77-year-old client, still unpaid
• Additional loan: $65,000 from a married couple, repaid after three months
• Firm approval: None obtained, violating Ameriprise and FINRA policies
• Rules breached: FINRA Rules 3240 (borrowing from clients) and 2010 (ethical standards)

These findings led FINRA to bar Dupre permanently from associating with any member firm in any capacity. He accepted the sanctions without admitting or denying wrongdoing.

By failing to maintain proper boundaries between personal and client finances, Dupre’s conduct reflects a breakdown in professional ethics that regulators seek to prevent.

The Fallout: Dupre’s Termination and Customer Complaint

The misconduct didn’t just cost Dupre his license—it ended his career with Ameriprise. In December 2024, Ameriprise terminated Dupre for violating company policy on borrowing from clients. The firm stated that he “circumvented controls” and acted “wholly inconsistent with [its] code of conduct and strict compliance standards”.

Following his termination, Dupre became the subject of a pending customer complaint filed in May 2024, seeking $3 million in damages. The complaint alleges that he misappropriated more than $2.6 million under false pretenses, claiming the funds would be invested in a cryptocurrency opportunity. This type of alleged deception, where a broker uses personal trust to promote fictitious or high-risk investments, can have devastating financial and emotional consequences for clients.

The resulting repercussions show the severity of Dupre’s actions:

• Permanent bar from the securities industry
• Immediate termination from Ameriprise Financial
• Pending $3 million customer claim alleging misappropriation and fraud
• Significant reputational damage likely preventing future registration in finance

Cases like Dupre’s serve as reminders that even long-tenured brokers can abuse their position of trust, leaving clients to face financial instability and uncertainty.

The Importance of FINRA Sanctions in Investor Protection

FINRA sanctions play a critical role in holding brokers accountable when they fail to meet ethical and regulatory standards. Dupre’s case is a clear example of how these enforcement measures protect the public by ensuring that individuals who misuse investor funds are removed from the industry.

Through its enforcement authority, FINRA aims to:

• Protect investors by identifying and barring dishonest or reckless brokers
• Promote accountability within financial firms through internal compliance oversight
• Reinforce ethical standards that preserve investor confidence in regulated markets

While regulatory action is essential, it often comes after investors have already suffered harm. In those cases, victims may be entitled to pursue compensation through arbitration or other legal remedies. Investors who have lost money due to similar conduct should seek experienced legal representation to explore potential recovery avenues.

How Meyer Wilson Werning Helps Victims of Broker Misconduct

The case of Eric Dupre illustrates how a single broker’s unethical behavior can inflict significant harm on clients, particularly retirees and seniors who depend on professional advice for financial stability. When brokers violate rules by borrowing from clients or misusing their funds, those investors have the right to seek justice.

At Meyer Wilson Werning, our attorneys have successfully represented thousands of investors nationwide in arbitration and recovery claims involving financial advisors who misused client assets or engaged in deceptive conduct. We work to uncover evidence of misconduct, pursue recovery for our clients’ losses, and hold negligent or dishonest advisors accountable.

If your financial advisor borrowed money from you, misrepresented investments, or misused your funds, contact Meyer Wilson Werning today to discuss your potential case and learn how we can help you pursue financial recovery.

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