Erez Law is currently investigating former Ameriprise Financial Services, Inc. financial advisor Nicholas Disesso (CRD# 502153) regarding losses sustained from unsuitable investments in uninsured Puerto Rico bonds. Disesso was registered with Ameriprise Financial Services, Inc. in Florham Park, New Jersey from 2009 to February 2016, when he was terminated regarding, “The registered representative was discharged for violation of company policy related to borrowing from a client, disclosure of an outside business activity, form U4 updates and code of conduct.”
It is reported that an elderly widow from New Jersey suffered more than $400,000 in losses due to unsuitable recommendations in Puerto Rico bonds. It is alleged that Disesso purchased more than $1.2 million worth of Puerto Rico bonds on behalf of his former customer. It is alleged that Disesso concentrated more than 20% of the customers’ assets into high risk, uninsured Puerto Rico bonds, which have approximately the same yield and maturity as insured Puerto Rico bonds. The lawsuit, filed in January 2018, alleges, “Claimant, individually and on behalf of her deceased husband’s estate, alleges that respondents made an unsuitable recommendation to invest in Puerto Rican municipal bonds.” The customer is seeking $500,000 in damages and the case is currently pending.
Disesso has been the subject of three additional customer complaints between 1998 and 2014, according to his CRD report. The most recent complaint was regarding:
May 2014. “Claimants allege that beginning in December 2009, respondents recommended and effectuated a trading strategy and sale of a number investments that did not meet the claimants’ investment objectives. In addition, claimants allege that respondents did not explain how the trading strategy impacted respondents commissions or profits. Claimants causes of action include breach of fiduciary duty, fraud and deceit, churning, breach of contract, negligence and negligent supervision. Claimants request damages in the amount of $480,000, reimbursement of commissions, mark/up/markdowns of approximately $100,000, punitive damages of $100,000, plus fees and costs.” The customer sought $480,000 in damages and the case was settled for $225,000.
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 Disesso’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.
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Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form below for a free consultation.
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