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Claimant alleges excessive and improper trading in the family trust at issue in the case. Claimant specifically alleges that respondents churned the account to generate excessive commissions, fees, and other profit to their benefit and the trusts detriment. In addition, claimant alleges respondents failed to obtain the proper authorization to make distributions of Trust principle. The causes of action are: unsuitability- excessive trading; unauthorized trading; breach of fiduciary duty; failure to supervise, and unjust enrichment.
Damage Amount Requested
$247,112.52
Settlement Amount
$150,000.00
Broker Comment
Ameriprise chose to settle the matter in order to avoid the costs associated with FINRA Arbitration. I was dismissed from the case as part of the settlement.
4/11/2011
Customer Dispute
Denied
Allegations
CLIENT CLAIMS HIS ACCOUNT WAS MISMANAGED AND THAT FUNDS IN HIS ACCOUNT REMAINED UNINVESTED DESPITE HIS INSTRUCTIONS TO THE CONTRARY. (DATES OF ACTIVITY: 1/11/2010-11/30/2010)
Damage Amount Requested
$15,000.00
3/30/2004
Customer Dispute
Denied
Allegations
CLIENT'S AGENT ALLEGES THAT MR. KELLOGG'S RECOMMENDATION TO PURCHASE FREDDIE MAC BONDS IN JANUARY, 2004 WAS UNSUITABLE. CLIENT'S AGENT DOES NOT SPECIFY DAMAGES, BUT DEMANDS RETURN OF THE PRINCIPAL INVESTMENT.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.