Investment Losses Caused by Ameriprise Financial Services, Inc.
Ameriprise Financial, Inc. is one of the country's largest life insurance
companies. It recently succeeded American Express Financial Advisors,
which was a company controlled by the American Express Company. American
Express Financial Advisors became an independent company in 2005. Ameriprise
Financial, Inc. is now publicly traded on the NYSE under the symbol AMP.
Ameriprise has over 12,000 financial advisors and has recently acquired
H&R Block Financial Advisors and J. & W. Seligman & Co. The
company's headquarters are located in Minneapolis, Minnesota.
A securities brokerage firm licensed by FINRA, Ameriprise Financial has
a legal duty to supervise its brokers and its brokers' recommendations
to clients to ensure compliance with and prevent violations of the rules
of the security industry. When an individual broker is negligent or acts
in an unlawful manner against the interests of the client and that client
suffers damages as a result of such wrongdoing, the firm may be held liable
for the investor's losses.
Ameriprise Financial Services Investment Fraud & Misconduct
Ameriprise Financial Services, Inc. and some of its brokers have had encounters
with FINRA in the past due to claims of misconduct. For example, in 2005
Ameriprise was fined $500,000 for supervisory violations in 529 college savings plan sales, which are
tax-advantaged investment programs designed to help parents save for their
children's post high school education costs. In addition to this fine,
FINRA required Ameriprise to provide financial compensation to the appropriate
customers for their losses.
Also in 2005, Ameriprise was fined $12.3 million due to brokerage violations.
The violations were over "preferential treatment" Ameriprise
gave to various
mutual fund companies. Specifically, Ameriprise's conduct violated something known
as the Anti-Reciprocal Rule. This violation, as well as the one listed
previously, occurred when Ameriprise Financial Services was still known
as American Express Financial Advisors. This misconduct took place between
January 2001 and December 2003.
FINRA fined Ameriprise (as well as Clearing Firm) for $750,000 for
failure to supervise. The violations occurred when Ameriprise did not provide accurate supervision
required by the securities industry while transmitting customer funds
to third-party accounts. Within the same case, FINRA banned Jennifer Guelinas,
a registered Ameriprise broker, from the securities industry for her misconduct.
Recover Your Losses with a Meyer Wilson Securities Fraud Attorney
Meyer Wilson’s investment loss lawyers possess finely-honed skills
and resources that come from exclusive practice in the field of securities
fraud. This allows them to aggressively and successfully pursue claims
against the nation’s largest, most well-protected brokerage firms
in both federal and state court, as well as in arbitration with the Financial
Industry Regulatory Authority (FINRA), the American Arbitration Association
(AAA), and private arbitration. Our securities arbitration attorneys even
represent international clients with claims against U.S. investment firms.
If you entrusted your hard-earned money to Ameriprise or to one of its
registered brokers and you suffered significant financial losses, Meyer
Wilson can help you recover those losses. To determine whether you have
a case against Ameriprise Financial for your losses, call us or complete
our online form for a
free case evaluation.