Unsuitable Investment Recommendations Due to Former Ameriprise Financial Services, Inc. Broker Ted Cadwallader
Posted on Wednesday, February 12th, 2020 at 9:18 am
Erez Law is currently investigating former Ameriprise Financial Services, Inc. broker Ted Cadwallader (CRD# 3256070) regarding unsuitable investment recommendations in Adiabatic Solutions, LLC. Cadwallader has been registered with Ameriprise Financial Services, Inc. in Getzville, New York from 1999 to 2014, when he was terminated regarding, “advisor was terminated for compliance policy violations relating to outside business activities and private securities transactions.”
In December 2014, FINRA barred Cadwallader after he consented to the sanction and to the entry of findings that he “failed to cooperate with a FINRA investigation by refusing to appear for on-the-record testimony requested by FINRA in connection with an investigation involving potential issues related to private securities transactions and outside business activity (ODA) disclosures.”
Cadwallader has been the subject of five customer complaints between 2004 and 2019, three of which were denied, according to his CRD report:
January 2019. “Clients allege that Respondent’s advisor fraudulently recommended unsuitable investments in Adiabatic Solutions, LLC, and seek damages in the amount of not less than $120,000.” The customer is seeking $120,000 in damages and the case is currently pending. The complaint was regarding unregistered investments.
January 2004. “The client alleged in the summer 2000 I sold her unsuitable replacement annuities and did not disclose that the death benefit amount may not equal the purchase amount.” The customer sought $60,000 in damages and the case was settled for $13,825.
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 Cadwallader’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.