Investor Alert: Ameriprise Financial Services, Inc. Financial Advisor Stephen Mosley
Posted on Thursday, July 20th, 2017 at 9:18 am
Erez Law is currently investigating former Ameriprise Financial Services, Inc. financial advisor Stephen Mosley (CRD# 4900781) regarding participating in outside business activities not vetted by his member firm. Mosley was registered with Ameriprise Financial Services, Inc. in Lake Havasu, Arizona from 2013 to 2016, before he was terminated regarding “Registered Representative was terminated for compliance policy violations related to complying with disciplinary action and heightened supervision, soliciting a prohibited security and suitability of a transaction.” Mosley is currently not registered with any brokerage firm.
It is alleged that Mosley participated in outside business activities, commonly referred to as “selling away.” Selling away occurs when a financial advisor sells an investment to a client without his brokerage firm’s permission, the broker is selling investments away from the firm, or simply “selling away.” A broker might partake in this inappropriate practice to earn a commission he or she would otherwise have to pass up. These investment opportunities are not properly vetted by the associated brokerage firm and therefore exposes the client to risk.
Mosley has been the subject of two customer complaints in 2016, according to his CRD report:
February 2016. “The clients alleged the advisor placed a significant amount of their portfolio into one segment of the market and refused to make any changes in the portfolio as it was declining despite their repeated requests in 2014.” The client sought $143,594.27 in damages and the case was denied.
January 2016. “The client alleged she was put into investments in November and December 2015 that she should not have been in and she was misinformed about her other investments.” The client sought $12,844.21 in damages and the case was withdrawn.
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 Mosley’s customers.
Erez Law represents investors in the United States for claims against former Ameriprise Financial Services, Inc. financial advisor Stephen Mosley, who is alleged to participate in outside business activities. If you were a client of Ameriprise Financial Services, Inc. or another firm, 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.