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Former Ameriprise Financial Services, Inc. Financial Advisor Tom Parks Jr. Investment Losses

Posted on Wednesday, February 21st, 2018 at 9:11 am    

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Did you lose money investing with former Ameriprise Financial Services, Inc. financial advisor (CRD# 1558909) who is alleged to make unsuitable investment recommendations? Parks was registered with Ameriprise Financial Services, Inc. in Stephenville, Texas from 1993 to 2016. Parks is not currently registered with any brokerage firm.

In April 2016, Parks was terminated from employment at Ameriprise Financial regarding, “Registered representative resigned while on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence.”

Parks has been the subject of 26 customer complaints between 2000 and 2017, two of which were denied and one was closed without action, according to his CRD report:

September 2017. “Claimants allege that from January 2014 to present, Respondents placed them in an unsuitable REITs, MLPs, and mutual funds and seek $101,000 in compensatory damages.” The customer is seeking $101,000 in damages and the case is currently pending.

June 2017. “Claimants allege Respondent recommended unsuitable investments in oil/gas master limited partnerships and seek damages of $78,000 plus interest, attorney’s fees, and punitive damages.” The customer is seeking $78,000 in damages and the case is currently pending.

March 2017. “Claimant alleges Respondents recommended unsuitable investments, including investments in variable annuities. Claimants seek damages of $113,486.” The customer is seeking $113,486 in damages and the case is currently pending.

February 2017. “The client alleged that she was not aware of the risks involved to invest in a REIT in May 2007 and that it was a poor recommendation to invest such a large percentage of her assets at her age.” The customer sought $5,000 in damages and the case was settled for
$18,156.21.

January 2017. “Claimant alleges Respondents made misrepresentations and recommended unsuitable investments in oil/gas master limited partnerships Claimant seeks damages of $180,000 plus interest, attorney’s fees, and punitive damages.” The case is currently pending.

January 2017. “Claimant alleges Respondent recommended unsuitable investments in mutual funds and oil/gas master limited partnerships Claimants seek damages of $335,000 plus interest, attorney’s fees, and punitive damages.” The case is currently pending.

December 2016. “Claimant alleges Respondent recommended unsuitable investments in mutual funds and oil/gas master limited partnerships. Claimant seeks damages of $51,000 plus interest, attorney’s fees, and punitive damages.” The case was settled for $18,750.

December 2016. “Claimants allege Respondents recommended unsuitable investments in oil/gas master limited partnerships and mutual funds. Claimants seek damages of $110,000.” The case was settled for $30,000.

December 2016. “Claimants allege Respondents recommended unsuitable investments in oil/gas master limited partnerships and a RiverSource variable universal life policy. Claimants seek damages of $95,000.” The case was settled for $50,000.

November 2016. “Claimants allege Respondents recommended unsuitable investments in oil/gas master limited partnerships and a closed-end mutual fund. Claimants seek damages of $78,000.” The case was settled for $20,000.

November 2016. “Customer verbally alleged unsuitable investment recommendations by the registered representative.” The customer sought $30,000 in damages and the case was settled for $15,000.

October 2016. “Claimants allege Respondents recommended unsuitable investments in oil/gas master limited partnerships, a closed-end mutual fund, and a BDC. Claimants seek damages of $101,000 plus interest, attorney’s fees, and punitive damages.” The case was settled for $37,000.

September 2016. “Claimant alleges Respondents recommended unsuitable investments in a REIT, a proprietary variable annuity, a technology fund, and equities, and oil/gas master limited partnerships. Claimant seeks about $50,001 plus interest, attorney’s fees, and punitive damages.” The customer sought $50,001 in damages and the case was settled for $19,000.

September 2016. “Claimants allege Respondents recommended the surrender of a variable annuity, and investments in non-prop mutual funds, and oil/gas master limited partnerships. Claimants claim damages of $100,001 plus interest, attorney’s fees, and punitive damages.” The customer sought $100,001 in damages and the case was settled for $32,500.

September 2016. “Claimant alleges Respondents recommended unsuitable investments in equities, funds, and oil/gas master limited partnerships. Claimant seeks damages of $244,000 plus interest, attorney’s fees, and punitive damages.” The customer sought $244,000 in damages and the case was settled for $175,000.

July 2016. “Claimants allege that they invested $350,000 in 2007 and that defendants made unsuitable recommendations including variable life policies and oil and gas investments. Claimants claim breach of contract, fraud, negligence, and breach of fiduciary duty and seek unspecified damages.”

June 2016. “Claimants allege that Respondents recommended unsuitable investments in oil and gas securities and ETFs. Claimants seek damages of $167,500.00.” The case was settled for $80,000.

June 2016. “Claimant alleges that Respondents placed her in various unsuitable investments, to include non-Traded REITs, oil/gas Master Limited Partnership Funds, and in an equity mutual fund on margin. Claimant seeks of $400,000 in compensatory damages.” The case was settled for $180,000.

May 2016. “Claimants allege that Respondents recommended unsuitable investments in a variable annuity, mutual funds and oil and gas securities. Claimants seek damages in an unspecified amount.” The case was settled for $150,000.

October 2015. “Plaintiffs allege that defendants made misrepresentations and made unsuitable recommendations. Plaintiffs also claim breach of contract, fraud, negligence, and breach of fiduciary duty. They seek over $1M in damages.”

October 2015. “Plaintiffs allege that in 2011 Defendants made inappropriate recommendations, including premature annuity surrenders. They claim they lost $230,000 between May 2014 and September 2015. They seek monetary relief of over $1 million.”

August 2015. “Claimant alleges that between June 2013 to May 2015, Respondents recommended unsuitable investments and did not respond to e-mails about losses. Claimant requests mediation and seeks damages in an unspecified amount.” The case was settled for $50,000.

March 2015. “Claimant alleges that from august 2008 to march 2015, respondents recommended unsuitable investments to include a variable annuity, etfs, non-prop mutual funds, and oil/gas securities (master limited partnerships). Claimant seeks $148,000 in compensatory damages.” The case was settled for $70,000.

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 Park’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.