Articles Tagged with broker attorney

shutterstock_92699377-300x285According to BrokerCheck records financial advisor Michael Pepe (Pepe), currently employed by Ameriprise Financial Services, Inc. (Ameriprise) has been subject to six customer complaints, one criminal matter, and one tax lien in his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the complaints against Pepe concern allegations of unsuitable investments.

In August 2018, Pepe disclosed a tax lien of $34,439.  This information has been found to be material for investors to have because an advisor who cannot manage his own finances is a relevant factor for investors to consider.  In addition, a broker in financial distress may be influenced to recommend high commission products or strategies.

In May 2018 a customer filed a complaint alleging that Pepe engaged in unauthorized trading in unsuitable securities. It was further alleged that had he been suitably invested, he would have generated a profit of approximately $750,000 under a well-managed portfolio damages analysis.  The complaint is currently pending.

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You’ve gone over your account statements and start to suspect that your broker hasn’t invested your assets appropriately.  What should you do?  The first step is to compile all of your documents and correspondence with your broker.  You should collect your monthly account statements, opening account documents, and any written communication with your brokerage firm for starters. This will make it easier to assess your case.

Next, you should consult with an attorney. While not required, when you have securities claim, brokerage firms rarely settle claims with individuals without the assistance of an attorney.  Most securities claims must be brought in arbitration  before the Financial Industry Regulatory Authority (FINRA), the broker-dealer regulator.  A securities attorney can represent you during the arbitration or mediation proceedings and provide direction and advice on how to present your claim.  Even if you do not choose to hire an attorney, brokerage firms usually hire counsel to represent them.  If you cannot afford an attorney, many law firms offer contingency fee arrangements.

The SEC provides the following advice on finding an attorney who specializes in resolving securities complaints. If you need help in finding a lawyer who specializes in resolving securities complaints, you may want to try the following: