uffered Losses From AMERIPRISE FINANCIAL SERVICES, AFTAB AHMAD?
Soreide Law Group is reviewing possible claims of unsuitability and misrepresentation against Ameriprise Financial Services, Inc. general securities representative Aftab Ahmad (CRD#: 3148243, Bethesda, Maryland). According to the FINRA BrokerCheck, at least one investor came forward with a complaint involving Ahmad. This raises allegations of Ahmad selling unsuitable and misrepresented securities. Here is a summary of the claim:
Ameriprise Financial Services Customer Claims Aftab Ahmad Made Unsuitable Trades, Misrepresented Investments
Evidently, Aftab Ahmad disclosed through FINRA BrokerCheck that an Ameriprise Financial Services, Inc. customer contested his sales practices. Primarily, the customer claimed that Aftab Ahmad sold a real estate security known as a real estate investment trust (“REIT”) to the customer. Supposedly, it was not suitable for the customer to invest in the REIT because of the customer’s financial circumstances, investment objectives or risk tolerance. Not only that, but the customer claimed that Ahmad misrepresented information about the REIT investments Ahmad sold the customer. Further, Ahmad allegedly placed the customer’s initials on a subscription agreement. Because of this, the customer demanded $76,000 in damages in this pending matter.
A Word On Brokers Like Ahmad Who Possibly Sold Unsuitable REITs
Typically, REITs are companies owning a portfolio of real estate assets in the industrial, commercial and residential sector. REITs are meant to pool several investors’ funds together so that the REIT can buy portfolios of properties that one investor may not be able to purchase in that investor’s individual capacity. However, REITs are often riskier than typical stock or index fund investments, and can experience volatility that some investors may not be comfortable with. Significantly, brokers sometimes sell investors REITs without discussing diversification risks, fees and liquidity issues. Not only that, but some brokers engage in fraudulent practices including misrepresenting risks or purposely omitting fees and costs.
Did Aftab Ahmad Cause You Investment Losses?
Aftab Ahmad has been an Ameriprise Financial Services financial advisor since October 17, 2001. He has also worked at brokerage firms including Lincoln Financial Advisors and IDS Life Insurance Company. Experienced losses by investing with securities broker Aftab Ahmad? If so, contact Soreide Law Group at (888) 760-6552. Talk with experienced counsel about a possible recovery of your investment losses. Notably, Soreide Law Group represents clients on a contingency fee basis and advances all costs. Also, the firm has recovered millions of dollars for investors who suffered losses due to misconduct of brokers and brokerage firms.