BILL UTANSKI Sell You Unsuitable Investments?

The Financial Industry Regulatory Authority (“FINRA”) shows that investors disputed the sales practices of Ameriprise Financial Services Inc. securities broker Bill Utanski (CRD#: 2576809, Fort Lauderdale, Florida). Notably, since January 15, 2015, four investors brought complaints or FINRA Arbitrations suggesting Utanski made unsuitable investments. Here is a summary of those disputes:

Ameriprise Investor Files Complaint Indicating Bill Utanski Recommended Unreasonable OTC Equities

 
An investor who held accounts with Ameriprise Financial Services filed a compliant on June 1, 2017 regarding Utanski. Supposedly, Utanski advised the client to buy risky OTC stocks. Those recommendations were not appropriate, according to the client’s attorney. Supposedly, the client sustained losses from holding the speculative OTC stocks. For this reason, on August 7, 2017, Ameriprise Financial Services opted to settle the matter by compensating the client for the losses.

Investor Files Complaint With Ameriprise Over Utanski’s Dendreon Corporation Stock Recommendations

 
The second most recent complaint comes from an Ameriprise investor who suggested Utanski made “one-size-fits-all” recommendations. The complaint, brought December 4, 2015, alleges that Utanski advised the client to hold a large position in Dendreon Corporation (Seattle, Washington). By following Utanski’s advice, the client’s account apparently ended up overconcentrated in this stock. Eventually, Dendreon filed for Chapter 11 bankruptcy protection following disappointing results on the company’s cancer vaccine. When news of the bankruptcy broke, Dendreon’s shares, which peaked in April 2010 at $57.67 per share, plummeted to less than a quarter per share. Evidently, Ameriprise Financial Services compensated this client for losses.

Ameriprise Investor’s FINRA Arbitration Claim Suggests Bill Utanski Churned Accounts

 
Utanski reports that a third Ameriprise Financial Services Inc. client took aim at his sales practices. Apparently, the client brought FINRA Arbitration #: 15-02629 on November 10, 2016. First of all, the client suggested that Utanski gave unreasonable investment advice regarding the client’s purchase of Dendreon stock. Secondly, Utanski allegedly churned the client’s investments. As a result, on November 10, 2016, Ameriprise Financial Services Inc. agreed to pay the client $20,000 to put the claim to rest.

Investor Brings FINRA Arbitration Alleging Utanski’s Poor Advice Regarding Dendreon

 
Evidently, the first Ameriprise Financial Services Inc. to file a dispute about Bill Utanski brought FINRA Arbitration #: 15-00076 on January 15, 2015. In the Statement of Claim, the client alleged unsuitable recommendations and misrepresentation. Namely, Utanski potentially advised the client to buy 10,000 shares in Dendreon Corporation. This advice was supposedly unsuitable because the risks of the investments exceeded the client’s risk tolerance. Also, the client suggested that Utanski personally guaranteed he principal invested in Dendreon Corporation. Allegedly, Utanski told the client that he would repay her if she incurred losses on the investment. It appears that Ameriprise settled this dispute by paying the client $100,000.

Suffered losses by investing with broker Bill Utanski? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.