The securities arbitration attorneys at the law firm of Meyer Wilson are
investigating complaints that have recently been made by customers of
Ameriprise Financial Services, Inc., alleging misconduct by Michigan-based
stockbroker and financial advisor John A. Loveland.
Ameriprise’s website states that Mr. Loveland works out of an Ameriprise
office in Livonia, Michigan, under the name Klassa, Swaggerty & Associates,
which is identified on the website as a private wealth advisory practice
of Ameriprise. Regulatory records show that Mr. Loveland also works out
of an Ameriprise office in Grand Rapids, Michigan. Mr. Loveland has been
associated with Ameriprise since May 2004.
According to FINRA’s BrokerCheck website, two customer complaints
were recently filed involving alleged misconduct by Mr. Loveland while
he was employed by Ameriprise.
The first complaint, reported on September 8, 2017, alleges that Mr. Loveland
recommended unsuitable investments including non-traded REITs, a variable
annuity, and mutual fund A-shares. The customer also alleges she was misled
about the nature of the investments recommended by Mr. Loveland. The customer
requests damages of $100,000.
The second complaint, reported on October 4, 2017, similarly alleges that
Mr. Loveland recommended unsuitable REITs. The customers in that case
further allege their account was churned, causing a loss of income and
unnecessary taxes to be incurred. The customers also claim that they were
not provided with adequate disclosure documents, full and complete copies
of annuity contracts, or accurate account statements. The customer’s
request damages of $100,000, as well.
Under securities industry rules, financial advisors are required to make
investment recommendations that are suitable for each customer based upon
such factors as the customer’s age, investment objectives, time
horizon, and appetite for risk. Customers who are sold unsuitable investments
may be able to recover the losses they have suffered as a result of the
If you are a current or former customer of Ameriprise broker John Loveland
and have questions about the appropriateness of your investments, please
contact the investment fraud lawyers at Meyer Wilson for a complimentary
case evaluation. The experienced lawyers at Meyer Wilson have represented thousands of
investors and recovered millions of dollars on behalf of our clients.