FINRA Expungement Award:

Advisor With 30-Year Career Wins Expungement Of 5 Customer Complaints 

 

FINRA Expungement Award:

Advisor With 30-Year Career Wins Expungement Of 5 Customer Complaints 

 

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Award Date: January 26, 2021
Hearing Site: Milwaukee, Wisconsin
Respondent Firm: Ameriprise Financial Services, LLC
Claimant Representative: Harris Freedman, J.D. and Dochtor Kennedy, MBA, JD


Case Objective:

A financial advisor from Minneapolis had five customer complaints that had arisen over his 30-year career. He sought FINRA expungement of the complaints from his Central Registration Depository (CRD) record and online BrokerCheck profile.


Case Summary:

All three complaints in question arose from customers having alleged that they had not been properly informed of the risks and costs of variable annuities and that the products had not been not suitable for the investors at the time of sale.


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Result:

After considering the pleadings, pursuant to FINRA Rule 13805 of the Code of Arbitration Procedure, the FINRA Arbitrator found that the evidence did not support any of the allegations against the advisor. The Arbitrator determined that the allegations were factually impossible or clearly erroneous, and the disclosures being reported to BrokerCheck were false.

Additionally, in regard to two of the disputes, the Arbitrator found that the financial advisor had not even been involved with the transactions referenced in the complaints.




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