Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 31, 2018 indicate that Minnesota-based brokerage and advisory firm Ameriprise Financial Services Securities has received almost 200 regulatory sanctions and customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ameriprise Financial Services (CRD# 6363).
Established in Delaware in 1971, Ameriprise Financial Services is headquartered in Minneapolis, Minnesota and registered with 53 US states and territories. According to the firm’s BrokerCheck report, it has received 76 regulatory events and 105 customer complaints that evolved into arbitration.
In July 2018 the California Department of Business Oversight sanctioned the firm in connection to allegations it violated state regulations when its representatives sold non-traded real estate investment trusts “on at least 90 occasions.” The firm was ordered to cease and desist and to pay the cost of the investigation, a sum of $115,000.
In August 2018 the SEC sanctioned the firm in connection to allegations it failed to adopt and implement policies that were adequately designed to protect the assets of retail investors from misappropriation by its representatives. According to FINRA’s findings, the firm failed to detect the misappropriation of “over $1 million in client funds by five representatives.” The firm was censured and issued a fine of $4,500,000.
In June 2018 the South Carolina Securities Commissioner sanctioned the firm following allegations it failed to adequately supervise three agents “who engaged in dishonest and unethical practices” by recommending unsuitable investments and investment strategies and by using “fictitious account information” to effect otherwise prohibited trades. The firm was censured and issued a fine of $495,000.
In 2014 a customer alleged Ameriprise Financial Services misrepresented and omitted material facts, failed in its supervisory duties, and breached its fiduciary duty. The complaint resulted in an award to the customer of $2,036,890.
In 2014 a customer alleged Ameriprise Financial Services breached its fiduciary duty, misrepresented and omitted material facts, acted negligently, and failed in its supervisory duties. The complaint resulted in an award to the customer of $200,000.
In 2014 a customer alleged Ameriprise Financial Services breached its fiduciary duty, misrepresented and omitted material facts, recommended unsuitable investments, breached contract, acted negligently, and failed in its supervisory duties. The complaint resulted in an award to the customer of $1,165,882.
If you or someone you know has complaints regarding Ameriprise Financial Services, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.