Ameriprise Financial Services Customer Awarded $466,000 In Securities Arbitration Alleging Ameriprise Broker Recommended Unsuitable Annuities in Client’s Fixed Income Account.
A FINRA arbitration panel issued an award in a securities arbitration brought against Ameriprise Financial Services and David Tysk, a broker in Ameriprise Financial Services’s Bloomington, Minnesota branch, alleging that Ameriprise Financial Services and Tysk recommended and bought, in an Ameriprise customer’s fixed-income account, $2 million worth of unsuitable annuities, with surrender fees, that generated income that was taxed at a rate almost double that of other investment choices, according to a securities arbitration award news report.
The securities arbitration award reportedly provides, among other things, that Ameriprise Financial Services and David Tysk must jointly pay the investor claimant $466,000, which includes legal fees and sanctions.
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