There are options for customers of Ameriprise Financial Services, Inc. financial advisor Michael Cowan (CRD# 55587) who suffered investment losses. Cowan has been registered with Ameriprise Financial Services, Inc. in Fort Lauderdale, Florida since 2010.
Cowan has been the subject of four customer complaints between 2000 and 2018, according to his CRD report:
- October 2018. “Time frame: 1998 to 2003 Allegations: Claimant alleges she was beneficiary of Trust and makes vague allegations of mismanagement of Trust assets, failure to diversify Trust assets, and unsuitable recommendations from 1998 to 2003.” The customer is seeking $8 million in damages and the case is currently pending. This case is regarding mutual funds and equities.
- January 2006. “Beneficiary of trust, who purchased an assignment of the claims from another trustee, makes vague allegations of mismanagement of trust assets, failure to diversify trust assets and unsuitable recommendations from 1998 to 2003.” The customer sought $1 million in damages and the case was settled for $25,000. This case was regarding mutual funds.
- July 2004. “Claimants allege that financial advisor engaged in unauthorized trading and made unsuitable recommendations to invest in aggressive growth funds technology stocks and variable annuities.” The customer sought $3 million in damages and the case was settled for $450,000. This case was regarding annuities.
- March 2000. “Customer alleges that “speculative investing”, margin, and the number of trades and commissions charged in the PaineWebber account were not appropriate. Time period unspecified.” The customer sought $55,000 in damages and the case was settled for $30,000. This case was regarding common and preferred stocks.
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, Inc. may be liable for investment or other losses suffered by Cowan’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.