INVESTOR DEFENSE LAW BLOG

Posts in Category: “Ameriprise Financial Services, Inc.”

Ameriprise Financial Advisor Suspended for Hiding Competing Outside Business Venture from Employer

Posted on May 22nd, 2015

Sean Eric Mattson of South Lyon, Michigan was suspended for one month for failing to disclose his outside business activity of financial planning services to his employer, Ameriprise Financial Services, Inc. (Ameriprise or “the Firm”).

From March 2013 through December 2013, Mr. Mattson provided financial planning services to seven (7) Ameriprise customers and received direct compensation from the customers for his work. Mr. Mattson gained almost $7,000 in personal revenue from his independent financial services company.


Manteca Financial Advisor Barred From Securities Industry For Taking Money From Client’s Account

Posted on Apr 7th, 2015

Randall A. Samson (“Mr. Samson”), a financial advisor with Ameriprise Financial Services, Inc. (“Ameriprise”), was barred from association with any FINRA member after transferring funds out of a client’s account and converting the money to his own use.

Mr. Samson used his position as a financial advisor to complete a $10,000 distribution out of his client’s 401(k) subaccount to Mr. Samson’s own bank account. Mr. Samson made the withdrawal without the client’s knowledge or consent. The funds were wired to Mr. Samson’s bank account where he then used the money to fund payroll and other overhead expenses for his new personal business venture, Samson & Associates.


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What does a Receivership Do? An Investor’s Guide to How Receivers Recover Investment Losses While (Hopefully) Avoiding Bankruptcy

Posted on Oct 4th, 2016

If you’re reading this article, there is a good chance you invested in or through an entity that is now in receivership, and you probably have a lot of questions! The purpose of this article is to give you a general overview of how receiverships work so you know what to expect. Every receivership is different, but every receivership goes through four overlapping stages: 1) stabilization; 2) investigation; 3) litigation; and 4) distribution.

These four stages all support the overarching goal of every receivership—the orderly winding down of a business in a manner that maximizes value for investors.

We will come back to these four stages in a minute, but first it is important to understand the background context that gives rise to a receivership.


Three Signs You Should Sue Your Financial Advisor For Negligence Or Malpractice

Posted on Dec 24th, 2015

Some investor claims are easy to see, such as when money is simply missing from an account or a financial advisor has been arrested for securities fraud. In other cases, a financial advisor has been negligent. The financial advisor did not commit fraud, but he did make mistakes that caused investment losses. These cases are more difficult for an investor to spot. Here are the three things we see in most of the investor claims we file against financial advisors for malpractice or negligence.


The One Reason Why Variable Annuities Are Almost Always A Bad Idea

Posted on Jun 23rd, 2015

Financial advisors love to sell variable annuities. The reason is simple—commissions of up to 8%. If a financial advisor can sell you a $200,000 variable annuity, that means commissions of up to $16,000. Not bad for a day’s work!

Unfortunately, commissions are just about the only thing that is simple about variable annuities.

The one reason why variable annuities are almost always a bad idea is that they are too complicated for ordinary investors (and normal people in general) to understand. Seriously, have you ever tried to read a variable annuity policy? Here is just one example from an actual policy. Try to stay awake through this, because there is a lot more you urgently need to know about variable annuities:


Can I “Sue” My Financial Advisor?

Posted on May 6th, 2015

If your financial advisor has caused investment losses, you may want to sue your financial advisor. For better or for worse, you may instead be forced out of court and into a FINRA arbitration. This post explains why securities litigation frequently ends up in FINRA arbitration, and what you can expect from the FINRA arbitration process.


How to Report Investment Fraud

Posted on May 5th, 2015

Without an investment fraud lawyer, you can easily spend hour filing investment fraud reports with federal, state, and local agencies. While doing so is often a good idea, the payout can be low.


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