Investment Loss Options for Clients of Former Ameriprise Financial Services, Inc. Broker Michael Dellaporta Jr.
Posted on Monday, May 24th, 2021 at 7:40 pm
There are options for clients of former Ameriprise Financial Services, Inc. broker Michael Dellaporta Jr. (CRD# 500214) who suffered investment losses. Dellaporta was registered with B.B. Graham & Company, Inc. in Fort Lauderdale, Florida from 2018 to 2019 and with Fusion Analytics Securities LLC in Coral Springs, Florida from 2015 to 2018. Previously, Dellaporta was registered with Ameriprise Financial Services, Inc. in Ft Lauderdale, Florida from 2010 to 2015, when he was terminated regarding, “The registered representative was terminated for company policy violations related to unauthorized use of discretion, solicitation of fixed income securities not meeting firm rating requirements, solicitation of prohibited option trading levels, and mismarking trade tickets as unsolicited.”
In April 2021, FINRA barred Dellaporta after he, “consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigation into Dellaporta’s involvement in an outside business activity.”
Dellaporta has been the subject of four customer complaints between 2009 and 2017, according to his CRD report. The most recent complaint is regarding:
January 2017. “Claimant, on behalf of herself individually and in her capacities as trustee and personal representative, alleges that respondent recommended unsuitable investments that were overconcentrated in alleged low rated collateralized mortgage obligations and other mortgage backed securities. Claimant further alleges that the securities were purchased without permission.” The case was settled for $150,000. The complaint was regarding equity OTC and took place while Dellaporta was registered with Ameriprise Financial Services, Inc.
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 Dellaporta’s customers.
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 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.