Arbitration Panel Hits Ameriprise with Sanctions in Complaint
Minnesota Investor Makes Case and Wins $466K Award
The investor, Guenther Roth of Wayzata, MN, filed his case in 2008. He claimed that Ameriprise invested over $2 million of his money in unsuitable annuities. The annuities have stiff surrender fees and and generate income that is heavily taxed compared to other investment choices he could have made.
Roth was awarded a fraction of his losses, but Ameriprise was ordered to pay his legal fees and other sanctions. Roth was 77 at the time the brokerage investments were made.
More troubling was the allegation of altered records to hide any exchange about suitability of the investment. Ameriprise also appears to have made attempts to suppress evidence in the case.
Investors should know that they can search online for ethics cases against any firm or broker they are considering. To access CFP Board case histories, click here: http://www.cfp.net/certificants/ACH_search.asp
See details in my article Finally You Can Weed Out the Crooks. The link is provided on this page.
Sources: http://www.fa-mag.com/component/content/article/7-news/5583.html?Itemid=45
[The author has worked in the insurance field in several roles for over a decade, and now chooses to make information available to consumers.]
Published by MinnieApolis
Native of the great progressive state of Wisconsin. View profile
- Business Ethics and the Role it PlaysEthics play a major role in business and the discussion of what is ethical versus what is not often causes people take strong opinions to one side or another. Understanding business ethics is an important aspect of bu...
Keeping a Business Legally Profitable by Studying Business EthicsThere are several possible benefits to companies, individuals, societies, and the overall world of business when it comes to studying and knowing business ethics.- Factors to Consider in Developing a Business Ethics PolicyBusiness ethics exist to ensure a firm does not undermine the integrity and longevity of its industry.
- Business Ethics and the Decision Making ProcessBusiness ethics play an important role in a company's success or failure. A company has a special obligation to its customers to ensure that its decisions are legal and ethical.
- Did a Lack of Business Ethics Cause the Current Economic Crisis?Did a lack of business ethics cause the current economic crisis?
- Contractual Arbitration Agreements in Texas - An Overview
- Practical Financial and Estate Planning for Pets
- Business Ethics Policy
- Business Ethics in a Global Economy
- Business Ethics
- Generation Y and Business Ethics
- When Poor Business Ethics Lead to Downfall
- Some annuities have high surrender fees and are heavily taxed.
- Make sure to document every meeting and phone call with your financial advisor.
- You can now access CFP board records of ethics cases online.