FINRA Expungement Award:

Advisor with 30-year career seeks expungement
of 5 customer complaints 

 

Date: January 26th, 2021
Hearing Site: Milwaukee, Wisconsin
Respondent Firm: Ameriprise Financial Services, LLC
Claimant Representative: Harris Freedman, Esq. & Dochtor Kennedy, MBA, JD; AdvisorLaw, LLC


Type of Case:

Financial advisor from Minneapolis seeking expungement of 5 customer complaints over a 30-year career from their Central Registration Depository (CRD) record and online BrokerCheck report.


Summary of Case:

The financial advisor in this case had three complaints from customers that had alleged that the they had not been properly informed of the risks and costs of a variable annuity as well as that the product was not suitable for the investor at the time of sale. The Arbitrator found that the evidence did not support any of those allegations.

Additionally, the Arbitrator also found that on the remaining two customer disputes, that the financial advisor in question was not even involved in either of the sales transactions that generated the complaints.


Results:

After considering the pleadings, the Arbitrator decided, pursuant to Rule 13805 of the Code of Arbitration Procedure (“Code”), that the investor allegations that were disclosed against the advisor were found factually impossible or clearly erroneous, and that the disclosures being reported on BrokerCheck were false.

All disclosures are eligible for expungement from claimant's record.




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