Michigan-Based Broker John Loveland Is the Subject of Two Pending Customer Complaints
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 inappropriate recommendations.
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.