Did Ameriprise Financial Services, Inc. Broker Jeffrey McHale Give You Unsuitable Investment Recommendations?
Posted on Tuesday, July 14th, 2020 at 2:37 pm
Erez Law is currently investigating Ameriprise Financial Services, Inc. broker Jeffrey McHale (CRD# 2998580) regarding suitability concerns. McHale has been registered with Ameriprise Financial Services, Inc. in Hingham, Massachusetts since 2015.
McHale has been the subject of three customer complaints between 2018 and 2019, one of which was denied, according to his CRD report:
December 2019. “Claimants allege respondents recommended unsuitable investments including pharmaceutical and biotech stocks while at Ameriprise from 2015-2019. Claimants also allege that their accounts were overconcentrated and certain transactions were marked unsolicited despite being recommended by respondent advisor.” The customer is seeking $655,000 in damages and the case is currently pending.
December 2018. “Claimant alleges from 2015-2019 respondent recommended unsuitable investments. Specifically, claimant alleges that respondent recommended a high concentration of equity securities, did not recommend bonds and instead recommended low priced low market cap securities. As a result, claimant alleges he suffered damages of at least $180,000 plus interest and costs.” The customer sought $180,000 in damages and the case was settled for $75,000.
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 McHale’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.