Ameriprise Financial Services, Inc. Complaint & Legal Claims Center
Do you have a claim against Ameriprise Financial?
Important Information You Should Know:
Ameriprise Financial Services is a securities brokerage firm which is licensed by FINRA.
Firms licensed through the Financial Industry Regulatory Authority, formerly the National Association of Securities Dealers (NASD), must comply with securities regulations and federal and state securities laws. When these firms violate regulations or laws they can face actions by regulators or by federal or state criminal prosecutors.
Very few “securities police” have the impossible duty to attempt to govern billions of dollars
in transactions each year, handled by hundreds of thousands of salespersons nationwide at thousands of securities firms. Approximately 660,000 registered salespersons at 5,300 securities firms handle hundreds of millions of transactions annually for over 60 million investors. It is impossible for securities regulators to police this activity.
Securities regulators and officials do not often recover losses for victims of securities fraud.Just as police give tickets and motorists usually hire attorneys to recover damages, victims of securities fraud hire attorneys to recover their losses. As well, claims against brokerage firms including Ameriprise Financial Services, can be for securities fraud, or for breach of duty, breach of contract, negligence and other claims not covered by securities regulations or statutes.
Claims against brokerage firms are almost always determined in securities arbitration.
When an account is opened at securities firms including Ameriprise Financial Services, investors sign documents which include agreements to arbitrate any dispute. The U.S. Supreme Court decided in 1987 that securities arbitration agreements are enforceable. Arbitration is a private proceeding which takes the place of court actions. Appeals of arbitration decisions to court are very limited and usually unsuccessful.
Investors represented by an attorney in securities arbitration are much more successful.Statistics prove that investors who file claims with the assistance of an attorney recover twice as often as those not represented. Only a small percentage of lawyers have ever represented an investor in arbitration and very few law firms nationwide have extensive experience with securities arbitration cases.
To learn whether you can recover losses through a claim against Ameriprise Financial Services
Contact Shepherd Smith Edwards & Kantas LTD LLP law firm for a free consultation with an attorney.
About Shepherd Smith Edwards & Kantas LTD LLP Law Firm:
Our law firm represents institutional and individual investors nationwide who have lost a substantial portion of their retirement or other assets. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers and staff members served for years as a Vice President or Compliance Officer of major brokerage firms.
Each lawyer and staff person at our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. We have handled thousands of cases against hundreds of large and small investment firms, including claims against firms such as Ameriprise Financial Services
Reporting Source: Firm
Allegations: THE ARIZONA CORPORATION COMMISSION-SECURITIES DIVISION (THE "COMMISSION") ALLEGED THAT AMERIPRISE FINANCIAL SERVICES, INC. ("AMERIPRISE") VIOLATED A.R.S. 44-1961(A)(12) BY FAILING TO REASONABLY SUPERVISE FORMER FINANCIAL ADVISOR, KENNETH FELDHACKER ("FELDHACKER"), WHO FORGED CLIENT SIGNATURES AND MISAPPROPRIATED CLIENT FUNDS.
Initiated By: ARIZONA CORPORATION COMMISSION, SECURITIES DIVISION
Date Initiated: 12/21/2005
Docket/Case Number: S-20427-06-0526
Principal Product Type: Other
Other Product Type(s): BROKERAGE ACCOUNTS
Resolution Date: 09/07/2006
Sanctions Ordered: Monetary/Fine $1,250,000.00
Other Sanctions Ordered: UNDERTAKING Sanction Details: IN SEPTEMBER 2006, AMERIPRISE PAID ADMINISTRATIVE PENALTIES IN THE AMOUNT OF $1,250,000. AMERIPRISE WAS ALSO ORDERED TO IMPLEMENT ADDITIONAL CHANGES TO ITS SUPERVISORY AND COMPLIANCE PROCEDURES, INCLUDING ENHANCED SURVEILLANCE PROCESSES.
Summary: AMERIPRISE CONSENTED TO THE COMMISSION'S ORDER AND AGREED TO IMPLEMENT CHANGES TO ITS SUPERVISORY AND COMPLIANCE PROCEDURES.