ameriprise financial

Ameriprise Subsidiary RiverSource Fined $5M For Allegedly Improperly Switching Customers’ Variable Exchanges To Earn Commissions

Published on: June 8, 2022 | by Shepherd Smith Edwards & Kantas, LLP

RiverSource Distributors Accused of Targeting Retail Ameriprise Financial Customers With VA Sales

The US Securities and Exchange Commission (SEC) is ordering Ameriprise’s subsidiary brokerage firm, RiverSource Distributors, to pay a $5M fine for alleged violations involving variable annuities (VAs). The regulator contends that several RiverSource employees came up with a sales strategy that caused holders of these products to switch annuities. This purportedly resulted in enhanced sales commissions and boosted VA sales revenues for the firm.

The SEC said that RiverSource Distributors sold the VA exchanges to retail customers through Ameriprise Financial Services. It charged RiverSource with “improper switching or replacing variable annuities.” The case is the SEC’s first-ever enforcement proceeding under the Investment Company Act of 1940’s Section 11.

Ex-Ameriprise Broker James Dunn is Accused of Unsuitability, Unauthorized Trading

Published on: December 17, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Ameriprise Financial Advisor is Named in Five Pending Customer Disputes

James William Dunn, an ex-stockbroker and investment advisor in Vienna, VA with Ameriprise Financial Services, is under scrutiny over losses suffered by customers. He is currently named in five customer disputes in which the damages sought range from six- to seven figures.

All of the Financial Industry Regulatory Authority (FINRA) arbitration claims involving Dunn were brought in 2021. The misconduct alleged was said to have occurred during this same year.

Customers Accuse Fired Ameriprise Broker Ted Cadwallader of Making Unsuitable Investment Recommendations

Published on: September 14, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Ex-New York Financial Advisor Was Barred by FINRA in 2014

Nearly seven years after he was barred by the Financial Industry Regulatory Authority and fired by Ameriprise Financial Services, ex-New York broker Ted Wayne Cadwallader continues to be accused of making unsuitable investment recommendations that caused them significant losses.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is investigating these claims. If you suffered losses while working with ex-stockbroker Ted Cadwallader, contact SSEK Law Firm today at (800) 259-9010. You can also speak with our New York unsuitability investment attorneys at (716) 261-3529.

Ex-Ameriprise Broker Angel Bardeche Accused of Earning $450K From Allegedly Unsuitable Mutual Fund Switches

Published on: January 29, 2021 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Suspends Cincinnati, Ohio Financial Advisor

The Financial Industry Regulatory Authority (FINRA) has suspended former Ameriprise (AMP) stockbroker, Angel W. Bardeche, for nine months over allegations that she engaged in unsuitable mutual fund switches over a two-year period that earned her $450K in commissions.

The self-regulatory organization (SRO) also contends that the ex-Ameriprise Financial broker made 109 trades in eight non-discretionary customer accounts without authorization. Bardeche will pay a $10K fine and $5K in disgorgement.

Fired Ameriprise Broker Bryant Cavaness is Accused of Stockbroker Fraud & Ethics Violation Allegations

Published on: July 30, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Bars Former Registered Representative Following Probe Into Accusations

Bryant Edwin Caveness, an ex-Ameriprise Financial Services stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA) after he stopped cooperating in the self-regulatory organization (SRO)’s probe into his firing by the firm.

According to his Form U5 termination letter, the broker-dealer let him go last month because he violated company policies involving “personal trade, ethics, and solicitation of exchange-traded products” resulting in stockbroker fraud and misconduct.

Ameriprise Financial to Pay $4.5M Over Alleged Failure to Protect Investors

Published on: August 15, 2018 | by Shepherd Smith Edwards & Kantas, LLP

In a settlement reached with the US Securities and Exchange Commission, Ameriprise Financial Services (AMP) will pay $4.5M over allegations that it did not protect retail investors from five of their financial representatives, who stole over $1.5M. Three of these individuals had previously pleaded guilty to criminal charges involving investor fraud.

The Commission charged Ameriprise, a registered investment adviser and brokerage firm, with inadequate supervision of the representatives and for not having policies and procedures that were “reasonably designed” enough to stop them from misappropriating clients’ monies.

Ameriprise, despite setting, is not denying or admitting to the regulator’s findings. However, it consented to a censure.