Stoltmann Law Offices is investigating Rabinder “Ravi” Deshmukh, a former registered representative with Ameriprise Financial in Miami, Florida. Deshmukh was accused of violating securities laws including making unsuitable investments and excessive margin, among other claims. A customer claims that Deshmukh sold him unsuitable, highly concentrated positions in speculative securities. The client also claimed he was recommended to trade on margin and is seeking compensatory and punitive damages in the amount of $9 million. The claim is currently pending. Brokers have a responsibility to treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make these recommendations a broker must have a reasonable basis for the recommendation for the product or security based upon the broker’s investigation and due diligence and based on the client’s age, net worth, objectives and sophistication. If the broker does not, his firm can be liable for investment losses. Please call our securities attorneys today to find out how you can bring a claim against Ameriprise Financial if you suffered losses with Ravi Deshmukh.
According to his BrokerCheck report, Deshmukh was registered with NSM Securities in West Palm Beach, Florida from April 2007 until February 2013, JHS Capital Advisors in Miami, Florida from February 2013 until August 2015 and Ameriprise Financial in Miami from August 2015 until July 2016. He has four customer disputes against him, one of which is currently pending. Please call today. The call is free with no obligation. 312-332-4200.