Customers Sue Ameriprise Over Unsuitable Investments

Brian A. Eisenman (CRD#: 2143778, Florham Park, New Jersey) was a registered representative of Ameriprise Financial Services, Inc. between October 5, 2009 and May 22, 2018. Eisenman reported on the Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that on January 6, 2017, a customer filed a complaint in regard to Eiseman’s misconduct. The customer alleged that Eisenman made bad investment recommendations regarding Puerto Rican bonds. In addition to the inappropriate recommendations, the customer alleged that Eisenman failed to disclose information about risks of municipal-debt investments that were purchased for the customer’s investment account. Ameriprise settled the customer’s complaint for $50,000.00 in damages. (FINRA Arbitration Case #17-00059). Eisenman is now a registered representative at Pruco Securities, LLC.

Ameriprise Accused Of Making Unsuitable Recommendations

Mark Byron Sutton (CRD#: 2257191, Cincinnati, Ohio) has been an Ameriprise Financial Services, Inc. registered representative since July 17, 1992. Sutton also disclosed that a customer had complained about his sales practices. Particularly, the customer filed FINRA Arbitration No. 17-02311 on October 4, 2017. According to the customers, Sutton sold a real estate investment trust, a fixed annuity and a variable annuity that were not suitable for them. Apparently, the customer’s portfolio only earned a 3 percent annual investment return when it was supposed to have earned at least 5 percent annually. The customer claimed that Sutton gave them poor advice in connection with their investments. FINRA Arbitration No. 17-02311 is pending a resolution.
Elliot Jerome Hicks (CRD#: 4134850, Birmingham, Alabama) is a financial advisor who has been previously registered with Ameriprise Financial Services, Inc. from February 21, 2000 to November 11, 2015. On May 2, 2018, FINRA Arbitration No. 18-01484 had been filed by a customer of Ameriprise. The customer claimed that Hicks poorly advised the customer about a variable annuity investment. Apparently, Hicks told the customer to take the money out of the customer’s pension and invest it in a RAVA5 variable annuity. In addition, the customer stated that there had been significant information that was not disclosed to the customer about the annuity’s terms, conditions, and investment strategy. As a result of Hicks’s apparent unsuitable recommendations and omissions, the customer has demanded $250,000.00 in damages. As of October 30, 2015, Hicks has been affiliated with Securities America, Inc.

If you have suffered losses by investing with Ameriprise registered representatives such as Brian A. Eisenman, Mark Bryon Sutton and Elliot Jerome Hicks, call (888) 760-6552 for a free consultation with Soreide Law Group’s experienced counsel. Our firm has recovered millions of dollars for investors who have been victims to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.