Ameriprise Financial Services Investment Advisor Accused of Unsuitability, Misrepresentations
If you suffered investment losses while working with Ameriprise Financial Services stockbroker, Kevin Douglas Houser, please contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) right away.
The Center Valley, Pennsylvania financial advisor is already named in four substantial pending customer disputes over alternative investments.
Houser has been in the industry for 25 years. Other firms where he used to be registered as a broker and/or investment advisor include LPL Financial, Wachovia Securities, Citigroup Global Markets, and Merrill Lynch, Pierce, Fenner & Smith.
Several Disclosures on Kevin Houser’s BrokerCheck Cite Negligence and Fraud
According to Kevin Houser’s BrokerCheck record, there are several customer disputes dating back to 2016 that claim this financial advisor didn’t act in the best interests of his clients when recommending an alternative investment strategy.
- 11/2020: This claimant is seeking $358K in damages over losses involving Franklin Square BDC (business development company), CIM REIT (real estate investment trust), and Cole Credit Property Trust IV (also a REIT). This conservative investor contends that the investment recommendations made were misleading and unsuitable given his investment profile.
- 11/2020: Making similar allegations over the same products, this claimant is requesting $292K in damages.
- 7/2020: This conservative investor contends that Houser should not have recommended Franklin Square BDC or AXA annuities to them. They are seeking $300K in damages.
- 11/2016: This customer is alleging unsuitability and requesting $687,661 in damages.
Alternative Investments: What is an Alternative Investment?
While these non-traditional investments can now be purchased by retail investors, it doesn’t mean that they should buy them. With limited regulation, liquidity, and transparency, alternative investments tend to charge high fees and require a substantial minimum investment from buyers. They are also riskier and can be more volatile than more conservative investments like stocks and bonds.
Brokerage firms and their registered representatives will usually make high commissions off alternative investments, which is one reason they are so attracted to them. Unfortunately, this means that they may also recommend these products to customers for whom they are unsuitable and that cannot take the risks, including seniors, retirees, and inexperienced investors, in an attempt to earn more of these fees.
Our investment fraud attorneys at SSEK Law Firm represent clients throughout the United States in recovering losses they suffered in various types of alternative investments including REITs, private placements, BDCs, non-traded REITs, real estate, oil and gas investments, and other products. For over 30 years, we have fought for investors against Wall Street firms and brokerage firms all over the country.
If you were a client of Ameriprise Financial Services broker Kevin Houser, call our investment fraud law firm at (800) 259-9010 today.