Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Ameriprise Financial Services, LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Ameriprise Financial Services, LLC is the broker-dealer and investment adviser of Ameriprise Financial, offering financial planning, portfolio management, and brokerage of stocks, bonds, mutual funds, ETFs, 529 plans, and other investments to individuals, small businesses, and institutions. Based in Minneapolis, the firm works with clients through a nationwide network of financial advisors and manages approximately 2.4 million client accounts.
Ameriprise Financial Services, LLC – By the Numbers:
- CRD #: 6363
- Regulatory Events: 80
- Arbitration Events: 103
- Broker Employees: 13,916
Ameriprise Financial Services, LLC – Investment Advisors:
- SEC #: 28543
- Assets Under Management: $660,474,421,776
- ADV Form Employee: 14,056
Ameriprise Financial Services, LLC – In the News:
FINRA v. Ameriprise Financial Services, LLC (Case #2019063696201) – Between January 2015 and December 2018, Ameriprise failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to supervise recommendations of certain variable annuity exchanges involving contracts with guaranteed lifetime withdrawal benefit (GLWB) riders. Specifically, Ameriprise did not provide sufficient guidance to registered principals for determining whether certain customers would benefit sufficiently from the rider’s growth credit feature before commencing withdrawals to justify the higher fees, which applied for the duration of the contract. Accordingly, Ameriprise violated FINRA Rules 3110, 2330(c) and (d), and 2010. For these violations, Ameriprise is censured, fined $450,000, and ordered to pay restitution of $993,950.47.
FINRA v. Ameriprise Financial Services, LLC (Case #2015046583001) – In 20150465830, the Department of Market Regulation’s Municipal Securities Bonds Team and the Department of Member Regulation reviewed the firm’s municipal securities trading for compliance with Municipal Securities Rulemaking Board (“MSRB”) requirements from December 1, 2013 through December 31, 2014. During the review period, the firm effected 23 municipal bond transactions in amounts below the minimum denomination set for the bonds. The firm also indicated it was unaware that the Official Statements for two of the securities it recommended, involving eight of the above transactions, limited the sale or resale of such securities to Qualified Institutional Buyers (“QIBs”), as defined in Rule 144A of the Securities Act of 1933, which resulted in the sale of such securities to customers who were not QIBs. Additionally, the firm failed to disclose to customers at or prior to the time of the trade that the transaction was being effected in an amount below the minimum denomination and of the above sales restriction. The firm also lacked a supervisory system reasonably designed to achieve compliance with the MSRB’s rules regarding minimum denomination and the suitability of recommendations to customers. Accordingly, the firm violated MSRB Rules G-15(f) and G-19, related disclosure requirements under MSRB Rules G-17 and G-47, and related supervisory requirements under MSRB Rule G-27.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.