Securities Lawyers Blog
According 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.