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Were You the Victim of Former Ameriprise Financial Services, LLC Broker Arthur Hoffman?

Posted on Wednesday, September 9th, 2020 at 8:16 pm    

Ameriprise Financial Services

Erez Law is currently investigating former Ameriprise Financial Services, LLC broker Arthur Hoffman (CRD# 3193754) regarding a fraudulent Ponzi scheme. Hoffman has been registered with Ameriprise Financial Services, LLC in Glendale, Arizona from 2016 to 2020, when he was terminated regarding, “Registered Representative was terminated for company policy violations related to outside business activities and private securities transactions.

In May 2020, FINRA barred Hoffman after he, “consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA. The findings stated that FINRA opened an investigation in response to a disclosure filed by Hoffman’s member firm, which stated that Hoffman had been suspended for company policy violations related to outside business activities and private securities transactions.”

Hoffman has been the subject of two customer complaints between 2016 and 2020, according to his CRD report:

June 2020. “Claimants allege that beginning on about 4/23/19, respondent Hoffman recommended the claimants invest $172,688.03 in Zima Global Ventures, LLC a/k/a Zima Digital Assets (“Zima”), an alleged fraudulent Ponzi scheme promising unrealistic investment returns.” The customer is seeking $172,688.03 in damages and the case is currently pending. The complaint took place while Hoffman was registered with Ameriprise Financial Services, LLC and was regarding outside investments.

February 2016. “The complaint includes claims for Arizona securities fraud; fraud in provision of investment advisory services, common law fraud and misrepresentation; breach of fiduciary duties; fraudulent concealment; negligent misrepresentation; negligence; negligent supervision; and document turnover and accounting.” The customer sought $1 million in damages and the case was settled for $329,500. The complaint was regarding leverage exchange-traded funds (ETFs) and it took place while Hoffman was registered with Wedbush Securities, Inc.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Ameriprise Financial Services, LLC may be liable for investment or other losses suffered by Hoffman’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.