Ameriprise Financial Services of Minneapolis Censured and Fined $100K and Broker Suspended and Fined $50K by FINRA

Ameriprise Financial Services, Inc. (CRD® #6363, Minneapolis, Minnesota) and David Bradley Tysk (CRD #1782289, Eden Prairie, Minnesota).

Ameriprise Financial Services, Inc. (Ameriprise) was censured and fined $100,000, and David Bradley Tysk (Tysk) was fined $50,000 and suspended by FINRA® for three months. These sanctions were based on FINRA's findings that allegedly, Tysk altered computer notes of client contacts after the client complained about the suitability of a recommendation.

FINRA's findings stated that Tysk knew or should have known the importance of customer related notes in the event of complaints. Tysk allegedly concealed alterations of his notes and did not comply with the clear import of the document-retention policies in Ameriprise's code of conduct. Tysk failed to inform Ameriprise of the alterations when he provided a copy of the notes to be produced in discovery during an arbitration proceeding. The client became suspicious of the notes and requested further discovery to determine whether the notes had been altered after he lodged his complaint with Ameriprise. Ameriprise and Tysk opposed the requests.

According to FINRA, in a meeting to prepare for the arbitration hearing, Tysk finally disclosed to Ameriprise that he had altered the notes. Despite knowing that Tysk had altered the notes, Ameriprise failed to inform the client that a copy of computer notes of client contacts produced during discovery had been altered. Ameriprise asked Tysk to search his computer for evidence of the edits, but did not take any additional steps to locate previous versions of the notes. Ameriprise also failed to produce an exception report during discovery as required. Just before the hearing, Ameriprise found an exception report relevant to the client’s claim, which it should have provided months earlier. Ameriprise turned it over to the client. At the conclusion of the arbitration hearing, Ameriprise and Tysk were sanctioned for violating arbitration discovery rules.

Tysk has appealed this matter to the National Adjudicatory Council (NAC) and the sanctions imposed against him are not in effect pending review. The decision regarding Ameriprise Financial Services, is final.
(FINRA Case #2010022977801)

David Bradley Tysk has been registered in the securities industry for 27 years and is currently registered with the following securities firms:

AMERIPRISE FINANCIAL SERVICES, INC. (CRD# 6363)
7820 TERREY PINE CT, STE 200, EDEN PRAIRIE, MN 55347-1126

Tysk was previously registered with the following securities firms:

08/1999 - 07/2006 IDS LIFE INSURANCE COMPANY (CRD# 6321) - MINNEAPOLIS, MN

This ends a summation of information obtained from FINRA's Website under "Disciplinary and Other Actions February 2015."

Soreide Law Group represents our clients nationwide before FINRA. Call and speak to an attorney at no cost on how to potentially recover your investment losses due to your broker or financial advisor's recommendations at 888-760-6552.