Updated on: April 26, 2023
Investment Losses at Ameriprise Financial? Contact KlaymanToskes
National investment loss lawyers KlaymanToskes issues notice to customers of Ameriprise Financial’s New York City, New York branches following a recent increase in customer complaints against current and former brokers/investment advisors of the firm, along with customer complaint allegations of failure to supervise.
The firm previously reported that former Ameriprise supervisor David Charles Turetzky (CRD# 2954337) was hit with an investor complaint alleging $4,458,000 in damages due to his failure to supervise. KlaymanToskes continues its investigation of Ameriprise Financial’s New York City branches that Turetzky supervised and managed.
According to national investment loss attorney Lawrence L. Klayman, Esq., “The allegations of failure to supervise and other securities violations within the investor complaints filed against brokers/advisors of Ameriprise Financial may indicate a systemic issue at Ameriprise’s New York, NY branches. Other customers of this branch may have been impacted by broker misconduct and faced severe losses. These customers may be entitled to a financial recovery and are encouraged to contact us to discuss their legal options.”
Ameriprise’s New York, NY Branch:
The list below displays other Ameriprise Financial brokers/investment advisors with notable red flags at the firm’s New York, NY branch.
Mitchell Steven Rock (CRD# 1451592)
- 9 customer complaints
- Notable Disclosures: Settled complaint alleged unsuitable investment recommendations in light of the client’s investment objectives and that Rock made material misrepresentations regarding these securities. The complaint was settled in favor of the investor for $150,000. A second settled customer complaint alleged unsuitability and omissions in connection with the sale of structured products. The complaint was settled in favor of the investor for $61,000.
Paul Allen Berkman (CRD# 1002769)
- 3 customer complaints; 1 criminal disclosure
- Notable Disclosure: Pending customer complaint alleges $730,000 in damages. The trustee alleges that the deceased client’s beneficiaries were not changed by Berkman pursuant to her request.
Robert Mark Ambrus (CRD# 2556441)
- 1 employment termination after allegations, 1 customer complaint, 1 criminal disclosure
- Notable Disclosure: Discharged from Citigroup Global Markets, Inc. following concerns over a client complaint and communications with that client about the status of principal and risk in an investment.
Michael Peter Dmytryshyn (CRD# 2203199)
- 1 regulatory action, 1 employment separation after allegations
- Notable Disclosures: Suspended for ten days and fined $2,500 in connection with changing the codes for customer trades to his personal representative code in accounts that were under a joint representative code shared with another representative. Dmytryshyn’s actions resulted in receiving higher commissions from the trades than what he was entitled to receive pursuant to the agreement. Discharged from Morgan Stanley due to the above misconduct.
Vincent Frank Parascandola (CRD# 5948870)
- 2 customer complaints
- Notable Disclosure: Settled customer complaint alleged misrepresentation in the purchase of variable annuities. The complaint was settled in favor of the investor for $15,673.40.
Richard Frederic Spettell (CRD# 1686392)
- 1 employment termination after allegations, 1 customer complaint
- Notable Disclosures: Discharged from Morgan Stanley following concerns that the representative submitted transactions under production numbers that were inconsistent with agreement with another representative, resulting in a shortfall of revenue credited to the other representative. Customer complaint alleged two investments purchased were misrepresented.
Brian Timothy Conlon (CRD# 4426174)
- 1 customer complaint
- Notable Disclosure: Customer alleged unauthorized trading in their Merrill Lynch account. The complaint was settled in favor of the investor for $40,000.
Karen Fenney Aroety (CRD# 2031329)
- 1 employment separation after allegations
- Notable Disclosure: Discharged from Morgan Stanley following allegations related to practices of on-boarding clients, processing account-related documentation, and in handling instructions with her team that were “beyond the scope of authorization of a party with limited authorization”.
John T Kelly (CRD# 5959098)
- 1 employment termination after allegations
- Notable Disclosure: Resigned from Citigroup Global Markets, Inc. while under review regarding client documentation. Allegedly, blank documents signed by clients that had been obtained by another representative were forwarded to Kelly, and subsequently appeared to have been completed by someone other than the client, post client signature.
Nick Armando Dematteis (CRD# 4660205)
- 1 employment termination after allegations
- Notable Disclosure: Permitted to resign from Morgan Stanley following allegations relating to the use of a prospecting script unapproved by the firm.
Michael Charles Faro (CRD# 2835476)
- 1 employment termination after allegations
- Notable Disclosure: Permitted to resign from Morgan Stanley following allegations relating to the use of a prospecting script unapproved by the firm.
What Are Brokers and Financial Advisors Responsible For?
Brokers, investment advisors, and their firms are responsible for providing suitable investment advice. Firms and their representatives may be liable for a failure to supervise in the event of non-compliance with securities industry standards for the handling of customer accounts which results in losses suffered by customers.
FINRA Rule 2010 requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.” This also includes their duty to avoid making misrepresentations regarding investment recommendations and to avoid over concentrating customers’ accounts.
Investors that suffered losses as a result of their broker/advisor’s misconduct related to violations of securities laws may hold their brokerage firm and financial professional liable through a FINRA arbitration claim. Contact KlaymanToskes today at (888) 997-9956 or lklayman@klaymantoskes.com to learn more about the arbitration process.
We offer legal services on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com
