Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Sandberg (Sanberg), currently associated with Ameriprise Financial Services, LLC (Ameriprise), has been subject to ten customer complaints and one regulatory action during his career. Several of those complaints against Sandberg allege that Sandberg recommended unsuitable investments in various investments among other allegations of misconduct relating to the handling of their accounts.
In December 2020, a customer complained that Sandberg violated the securities laws by alleging that Sandberg engaged in negligent investment advice, breach of fiduciary duty, breach of contract, and fraud. The claim alleges $100,000 in damages and is currently pending.
Brokers are required under the securities laws to treat their clients fairly. This obligation includes the duties to disclose material risks of the investments they recommend and to present products, particularly complex or confusing products, in a fair and balanced manner that allows the client to evaluate the recommendation. Another important obligation advisors have is to make only suitable recommendations for investments to the client.