Articles Tagged with ameriprise

AdobeStock_82110313-1-300x125According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Robert W. Baird broker Patrick Phillips has violated securities laws. Mr. Phillips allegedly accepted two loans from a firm customer totaling $70,000. He also used a personal email account for business purposes in contravention of policies. This prevented CGMI from discovering emails related to the customer loan. For this misconduct, he was fined $10,000 and suspended from the industry for five months.
Patrick Jermaine Phillips, according to online records, is not currently registered as a broker, and has been suspended from the securities industry. He has one customer dispute against him, alleging the taking of a loan from a firm customer, and one regulatory matter against him. He was previously registered with MSI Financial Services in Chicago, Illinois from October 2016 until December 2016, Citigroup Global Markets in Orland Park, Illinois from August 2013 until July 2016, Ameriprise Financial Services in Chicago from August 2010 until August 2013, and Robert W. Baird in Chicago from December 2006 until August 2010. Robert W. Baird may be liable for Phillips losses on a contingency fee basis in the arbitration forum. The firm had a duty to reasonably supervise its brokers.

AdobeStock_200379710-300x200According to publicly available records with the Financial Industry Regulatory Authority (FINRA), Fortune Financial Services broker Bruce Musselman has been subject to nine customer complaints and one criminal regulatory action. In February 2013, Musselman allegedly recommended unsuitable investments, misrepresented securities, over-concentrated customer funds into aggressive investments and excessively used margin. From 2007 until 2009, a customer alleged that Mr. Musselman recommended highly risky investments that were unsuitable and inappropriate to the customer’s needs. These are all against securities laws and internal firm rules. A broker has a duty to do his due diligence on every security he recommends or sells by taking into account the customer’s age, net worth, investment objectives and investment sophistication, among other things. He also has a duty to disclose all the risks associated with every investment. If he does not do so, his brokerage firm may be liable for investment losses, because the firm had a duty to reasonably supervise him while he was registered with that firm. The firm may be liable on a contingency fee basis if you suffered money losses because of Bruce Musselman’s investment recommendations.
According to online records with FINRA, Bruce Mussel man is not currently registered within the securities industry. Previously, he was registered with Ameriprise in Cocoa, Florida from October 1996 until 2009, Newbridge Securities Corp in Heathrow, Florida from November 2010 until February 2013, IFS Securities in Cocoa from February 2013 until March 2015 and Fortune Financial Services in Cocoa from July 2015 until December 2017. He has nine customer disputes against him and one criminal matter.

AdobeStock_66548440-1-300x169Stoltmann Law Offices is investigating Jack W. Griffith Jr., a registered broker with Janney Montgomery Scott. Griffith has a pending lawsuit against him, alleging that he recommended high-risk energy investments causing damages in excess of $4 million. Griffith allegedly sold clients Linn Energy and Peabody Energy investments, even though both companies are now bankrupt. Energy, oil and gas investments are typically high-risk and illiquid investments that are not suitable for all investors. A broker has a duty to do his due diligence on every security he recommends or sells, and must take into account the client’s age, net worth, investment objectives and investment sophistication before doing so. If he does not, his brokerage firm may be liable for losses on a contingency fee basis, as it had a duty to reasonably supervise him while he was registered there.
Jack W. Griffith Jr., according to his online BrokerCheck report with the Financial Industry Regulatory Authority (FINRA), was previously registered with Merrill Lynch in New York, New York from January 1986 until November 1995, Prudential Securities in New York from November 1995 until July 1998, Legg Mason Wood Walker in Baltimore, Maryland from July 1998 until May 2004, A.G. Edwards & Sons in Sumter, South Carolina from May 2004 until May 2007, Ameriprise in Columbia, South Carolina from May 2007 until October 2009 and Ameriprise in Columbia from October 2009 until January 2014. He is currently registered with Janney Montgomery Scott in Columbia, and has been since January 2014. He has three customer disputes against him, one of which is currently pending. The disputes allege recommendation of unsuitable securities that caused the client’s accounts to be overconcentrated in energy investments, recommendations that were misrepresented, and unsuitable recommendations in companies that declared bankruptcy.

AdobeStock_123495998-1-300x197Stoltmann Law Offices is investigating Stuart Pearl, a former registered representative with Ameriprise. According to a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Mr. Pearl allegedly effected securities transactions in a customer’s account on several occasions on a discretionary basis without prior written authority and approval to use discretion. He also allegedly made unsuitable recommendations in a second customer’s account when he recommended the customer use margin to effect several trades. This is in violation of securities rules and regulations. In June 2010, two customers of Pearl’s who were retired and in their 70s, opened a joint brokerage account with him at Ameriprise. Their risk was “conservative” and their objective was “growth and income.” Between September 2011 and March 2012, Pearl recommended that the customers purchase four securities valued at $122,000 on margin. As a result of these purchases, the customers experienced a significant increase in their margin debt balances in relation to their available funds and their account was subject to margin calls during this period.
A broker’s duty is to only recommend and sell those securities that are suitable for every customer based on his net worth, investment objective, risk tolerance and age, among other factors. If he does not recommend and sell suitable investments, his brokerage firms may be liable for losses. Stuart L. Pearl was previously registered with Merrill Lynch in New York, New York from May 1986 until April 2001, Citigroup in Deerfield, Illinois from April 2001 until June 2009, Morgan Stanley in Deerfield from June 2009 until June 2010 and Ameriprise Financial in Deerfield from June 2010 until July 2015. He is currently registered with David A. Noyes in Chicago, Illinois, and has been since July 2015. He has three customer disputes against him, alleging breach of fiduciary duty, negligence, breach of contract, unauthorized trading and use of margin borrowing, among other things.

AdobeStock_66548440-1-300x169In July of 2017, Ameriprise got drilled in Portland, Oregon for a rare explained FINRA award for a burned investor. The Claimant investor asserted a suitability claim against the brokerage firm for recommendations made by the advisor. The Claimants asserted that Andrew Hall, a broker with Ameriprise mishandled accounts, acted negligently, breached fiduciary duty, violated Oregon securities laws and applicable regulation laws and made unsuitable recommendations. The causes of action relate to Claimants’ investments in First Trust Unit Investment Trust (UITs). The Panel found that Hall’s overall strategy was unsuitable. Hall took Claimants’ asset allocation to 100% equities, from 70%. Accounting for expected margin leverage, this amounted to 133% equity exposure. Hall compounded leverage by investing in UITs comprised of closed-end funds (“CEF”), many of which used leverage as a component

of their strategy. This further increased Claimants’ equity exposure. UITs are less liquid due to high costs, and CEFs were more volatile than comparable investments in similar asset classes. Hall compounded the unsuitable nature of the investments in February 2015, by selling the original UITs and placing fully 50% of Claimants’ portfolio in a single sector, which was tightly linked to oil prices—UITs of CEFs of master limited partnerships. The balance of the portfolio was invested in an unsuitable UIT, which was not diversified because it held only 12 – 13 individual stocks. The strategy was unsuitable for asset preservation and liquidity needs. The panel awarded the Claimants $191,772.00 in compensatory damages and Hall’s request for expungement was denied.

According to his online FINRA BrokerCheck report, Andrew Joseph Hall was previously registered with US Bancorp Piper Jaffray in Minneapolis, Minnesota from October 1995 until April 2001, Wachovia Securities in Portland, Oregon from April 2001 until March 2009 and Securities America in Portland from May 2009 until November 2010. He is currently registered with Ameriprise in Portland and has been since March 2009. He has two customer disputes against him.

AdobeStock_66548440-1-300x169If so, the attorneys at Stoltmann Law Offices are interested in speaking to you about your investment losses. We are Chicago-based securities attorneys who bring claims against firms like Ameriprise Financial and WFG Investments for not reasonably supervising their brokers. Joe Cotten Jr., a broker with Ameriprise in Plano, Texas and James Neil Turner, aka Neil Turner, a broker with WFG Investments in Plano as well, may have allegedly solicited clients to invest in securities such as California Proton, which is a proton therapy cancer treatment center in San Diego, California. Earlier in the year, the center disclosed that it was having trouble meeting its obligations with a number of lenders, and that there were several defaults on these loans. Cal Proton investors are likely to face substantial losses with this investment, as it is highly risky and illiquid. To find out how to sue Ameriprise and WFG on a contingency fee basis in the arbitration forum, please call our law offices today. Attorneys are standing by.

AdobeStock_9577728-1-300x200If so, the attorneys at Stoltmann Law Offices are interested in speaking with you about your losses. Stanley Cohen, a broker with Ameriprise Financial Services in Calabasas, California, has been accused of making unsuitable investment recommendations and recommending and failing to adequately explain unsuitable investments. These are against securities rules and clients may have lost money because of these violations. To find out how you may be able to recover your money losses sustained with Stanley Cohen and Ameriprise, please call our Chicago-based law offices today. The call is free with no obligation. We may be able to help you bring a claim against Ameriprise in the Financial Industry Regulatory Authority (FINRA) on a contingency fee basis. Please call today as there is a statute of limitations on most cases.
According to his FINRA public records, Mr. Cohen was registered previously with Direct Capital Corp from June 1986 until April 1989 and IDS Life Insurance Company in Minneapolis, Minnesota from August 1988 until July 2006. He is currently registered with Ameriprise in Calabasas and has been since August 1988. He has five customer disputes against him.

AdobeStock_17493500-1-300x102Former Ameriprise Financial Advisor Stephen Mosley was terminated from the firm’s Lake Havasu City’s Arizona office. The firm stated that he was “terminated for compliance policy violations related to complying with disciplinary action and heightened supervision, soliciting a prohibited security and suitability of a transaction.” This is sometimes referred to as “selling away,” and is when a broker recommends or sells a security that is not held or offered by his member firm. It is against securities laws. Mosley’s former firm, Ameriprise, can be held liable for investment losses in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.
Mr. Mosley was registered with NYLife Securities in Southfield, Michigan from January 2007 until March 2010, NYLife Securities in Okemos, Michigan from May 2010 until June 2010, Hartford Equity Sales Company in Henderson, Nevada from January 2011 until June 2011, Edward Jones in Lake Havasu City, Arizona from June 2011 until September 2013 and Ameriprise Financial Services in Lake Havasu City from October 2013 until December 2016. He has two customer disputes against him and is currently not registered within the industry.
If you or someone you know lost money with Mr. Mosley, you may be able to recover your losses with him by suing Ameriprise in the FINRA arbitration forum on a contingency fee basis. Please call our Chicago-based securities law firm today at 312-332-4200 to find out how. The call is free with no obligation.

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Geraldine Gordon allegedly recommended that a customer invest half of her liquid net worth in a single MLP, or Master Limited Partnership focused on the energy sector. She put almost $334,000 into the MLP, which was unsuitable for the customer because it was an excessive amount of the customer’s net worth, and the MLP was risky and illiquid, like many investments concentrated in the oil, gas and energy sectors. Gordon’s financial firm at the time, Ameriprise Financial, may be responsible for any money losses because the firm had a responsibility to reasonably supervise her. Gordon was fined $7,500 and suspended for 10 business days.
Ms. Gordon was registered with IDS Life Insurance Company in Minneapolis, Minnesota from December 1994 until July 2006. She is currently registered with Ameriprise in Lexington, Kentucky and has been since December 1994. She has seven customer disputes against her. Please call 312-332-4200 today if you suffered losses with Ms. Gordon. We are securities attorneys who may be able to help you recover those losses on a contingency fee basis.

AdobeStock_66548440-1-300x169Stoltmann Law Offices continues to investigate Mark Speakman, a former broker with Ameriprise in Ohio. Speakman was recently sentenced to 60 months in prison for an investment fraud scheme that took more than $1.1 million from his clients. He allegedly told his clients from 2000 until 2015 to remove their funds from their Ameriprise accounts and invest them in Centrax, a phony real estate investment trust (REIT). He tool $870,000 from seven victims and allegedly used it on himself. He also allegedly told other victims to invest in gold coins so he could divert money in order to pay back previous victims. In all, he took about $1.2 million. He then filed false federal income tax returns with the IRS. He pleaded guilty to one count each of wire fraud, money laundering and filing a false federal income tax return with the IRS. He was barred from the industry permanently by the Financial Industry Regulatory Authority (FINRA).
Mr. Speakman was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from February 1996 until July 2006, and Ameriprise in Grove City, Ohio from February 1996 until November 2015. He has one customer dispute against him. He has been permanently barred from the industry. Please call 312-332-4200 today if you suffered losses with Mr. Speakman. We may be able to help you reclaim those losses on a contingency fee basis. The call is free with no obligation.

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