Securities Lawyers Blog

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Maria Alvarez (Alvarez), previously associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Alvarez recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,450,000.00 on July 30, 2020.

Claimant alleges that on or about April 2018 his IPI advisor solicited and recommended an outside investment of $500,000 in diesel. Claimant alleges that he has not been repaid the $500,000 nor received any earnings. In addition, he alleges that he incurred tax liabilities of at least $200,000 because of the withdrawal of the investment amount. Claimant’s causes of action are negligence; negligent supervision; negligent hiring/retention; breach of fiduciary duty, and joint venture/joint enterprise liability. The case was originally filed in state court and received on 4/8/20. Ameriprise received the statement of claim on 7/30/20. Claimant filed an Amended Statement of Claim on 10/13/20 in which he expanded his claim to include allegations that the variable annuity he purchased in 2015 was unsuitable. He requests damages of $1,450,000 plus interest, exemplary damages, costs and fees.