Investment Disputes Against Ameriprise Alleging Unsuitability, Fraud

Ameriprise Financial Services Inc. (CRD#: 6363, Minneapolis, Minnesota) is a brokerage firm regulated by Financial Industry Regulatory Authority (“FINRA”). It has reported 78 regulatory events and 96 arbitrations concerning allegations of Ameriprise’s violations of investment-related rules or regulations. The firm has also reported instances in which customers were awarded damages for being harmed by Ameriprise. Also, Ameriprise’s registered representatives, Frank Aguilar, Laurence Edward Pierron III, Sally Laura Hyman and Trevor Mazyar Shakiba, have disclosed customer-initiated investment-related disputes. Causes of action against the representatives or Ameriprise collectively include unsuitability, breach of fiduciary duty and even securities fraud.

July 21, 2017 FINRA Arbitration Concerning Ameriprise Broker Frank Aguilar

Frank Aguilar (CRD#: 2296920, Las Vegas, Nevada) is an Ameriprise registered representative who has been with the firm since November 13, 2015. Aguilar reported on his FINRA BrokerCheck profile that an Ameriprise customer brought FINRA Arbitration #17-01336 on July 21, 2017. The customer alleged that Aguilar failed to inform the customer about the terms and conditions of investing in a real estate investment trust. Also, the customer contended that Aguilar breached a fiduciary duty and breached a contract provision. Whats worse, Aguilar supposedly concealed important investment-related information and committed securities fraud. As a result, the customer has demanded compensatory and punitive damages. The FINRA arbitration is still underway. Prior to joining Ameriprise Financial Services, Aguilar was associated with Tricor Financial, LLC.

March 13, 2017 FINRA Arbitration Regarding Ameriprise’s Laurence Edward Pierron III

Laurence Edward Pierron III (CRD#: 1465942, Plano, Texas), who is also known as Chip Pierron, is a past Ameriprise Financial Services, Inc. registered representative. Pierron worked at Ameriprise from January 6, 2011 to January 26, 2018. During the time he was associated with the firm, his activities led a customer to file FINRA Arbitration #17-00585 on March 13, 2017. According to the customer, Pierron made unreasonable investment recommendations. Apparently, Pierron gave the customer shoddy investment advice about gold and silver mining stocks. On October 3, 2017, Ameriprise Financial Services agreed to pay the customer $75,000.00 in damages to settle the customer’s claim. Pierron became a registered representative of Sigma Financial Corporation (Dallas, Texas) on January 25, 2018.

Ameriprise Broker Sally Laura Hyman Discloses January 16, 2018 FINRA Arbitration

Sally Laura Hyman (CRD #: 1132974, New York, New York) was associated with Ameriprise between December 11, 2012 and January 9, 2017. Ameriprise revealed on Hyman’s FINRA BrokerCheck profile that one of Hyman’s customers complained about her sales practices. Specifically, on January 16, 2018, the customer filed FINRA Arbitration #18-00071 alleging unsuitability. From the customer’s perspective, between January 2013 and February 2017, Hyman gave the customer unreasonable investment advice. Those unsuitable investment recommendations apparently concerned mutual funds and OTC equities. Because of following Hyman’s advice, the customer suffered losses and has since demanded $50,000.00 in damages in the pending matter.

July 6, 2018 FINRA Arbitration Involving Broker Trevor Mazyar Shakiba

Trevor Mazyar Shakiba (CRD#: Pearland, Texas) is an Ameriprise Financial Services, Inc. registered representative who commenced employment on March 24, 2003. Shakiba disclosed on his FINRA BrokerCheck Report that an Ameriprise customer brought FINRA Arbitration #18-02470 on July 6, 2018. That customer disputed Shakiba’s sales practices. Specifically, the customer claimed that Shakiba excessively charged the customer, made unsuitable recommendations, and placed unauthorized trades. First, the customer contended that Shakiba excessively charged the customer on non-trading stock transactions.
Second, the customer alleged that Shakiba sold the customer an annuity that was unfitting given the customer’s financial situation and investment objectives. Third, the customer allegedly never provided permission to Shakiba before Shakiba made trades in the customer’s account. Shakiba’s alleged sales practice violations have caused the customer to incur losses, resulting in the customer’s demand for $819,818.00 in damages. Records show that FINRA Arbitration #18-02470 is still underway.

Have you suffered investment losses from Ameriprise brokers Frank Aguilar, Laurence Edward Pierron III, Sally Laura Hyman or Trevor Mazyar Shakiba? If so, consider contacting Soreide Law Group at (888) 760-6552. Our firm has recovered millions of dollars for investors who have been victimized by unsuitability and misrepresentation. We represent clients on a contingency fee basis and advance all costs.