Soreide Law Group is reviewing possible claims of sales practice violations by securities broker Cary Jarrett Kievman (CRD#: 2804357, Westlake Village, California). Namely, FINRA suspended Kievman as securities broker in 2019. Not only that, but 6 of his clients including those at Ameriprise Financial Services filed disputes about his sales practices. Notably, these investor disputes suggest that Kievman made unsuitable, unauthorized and misrepresented transactions. Here’s a closer look at these disclosures.
FINRA Suspends Cary Kievman For Arbitration Award Or Settlement Compliance Issue
Evidently, FINRA issued a suspension to Cary Kievman on November 21, 2019. The financial industry watchdog claims that Kievman possibly failed to be compliant with an arbitration award or a settlement agreement. The suspension, which prevents Kievman from acting as a securities broker with FINRA member firms, stays into effect as long as Kievman remains uncooperative or is released from liability.
Ameriprise Client Indicates That Kievman Sold The Wrong Investments
Namely, a client of Ameriprise Financial Services brought a FINRA Arbitration Claim #: 17-03172 about Cary Kievman on February 9, 2018. According to the client, Kievman recommended that she invest in unsuitable alternative investments. It seems that Kievman failed to consider the client’s risk tolerance or objectives when recommending investments in equities and limited partnerships. Not only that, but the client indicated that Kievman misrepresented facts and concealed facts about risks of limited partnerships and equities. For this reason, on October 3, 2018, Ameriprise Financial Services paid the client $29,000 to settle the dispute.
Cary Kievman Allegedly Poorly Advises Client On Unsuitable Short-Term Equities
Evidently, a second Ameriprise Financial Services client brought FINRA Arbitration Claim #: 16-01950 regarding Cary Kievman. It appears that Kievman failed to appropriately invest this client’s assets. Supposedly, Kievman encouraged the client to invest in short-term equities. However, this caused an over concentration of equities in the client’s account. Kievman’s actions supposedly caused the client to experience losses from 2013 to 2016. Because of Kievman’s allegedly bad advice, Ameriprise paid the client the sum of $42,500.
Ameriprise Client Suggests That Kievman Failed To Disclose Risks
Apparently, a third client of Cary Kievman’s at Ameriprise Financial Services filed FINRA Arbitration Action #: 16-00825 on March 30, 2016. From the client’s standpoint, Kievman’s investment advice was bad because it caused over-concentrations in particular sectors. In addition, it appears that Kievman did not disclose the risks of investments that he recommended. It also seems that Kievman miscoded her risk tolerance. For this reason, on February 27, 2017, Ameriprise paid the client $92,500 to settle this matter.
Did Ameriprise Broker Cary Kievman Sell You Bad Investments?
Have you experienced losses by investing with Cary Kievman? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of financial advisors and securities brokers like Kievman.