According to the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck, there has been an investor complaint filed against Ameriprise Financial Services broker/investment advisor, Eugene Weinstein. The damage amount requested is $1,000,000.00. According to BrokerCheck, Weinstein has been registered as a broker and investment advisor with Ameriprise Financial Services in Plano, Texas, since January 11, 2013.
Eugene Weinstein, according to BrokerCheck, has one disclosure on his FINRA CRD report, a “Customer Complaint,” dated February 28, 2022. The allegations listed against Weinstein are, “Client alleged that the risks associated with utilizing Exchange Traded Fund (ETF) Index Options was misrepresented by their advisor, resulting in losses. This complaint is pending and requests damages of $1,000,000.00.
In June 2009, FINRA issued a Regulatory Notice to remind firms of their sales obligations relating to leveraged and inverse Exchange Traded Funds (ETFs). In August 2009, both the SEC and FINRA issued an Investor Alert addressing investors’ concerns, particularly those investors who were buy-and-hold investors, that they may not understand the performance objectives and risks of these non-traditional ETFs. State regulators have also expressed concerns over how these ETFs are sold to investors. According to NASD Rule 2310, before recommending the purchase, sale or exchange of a security, it is required that a firm must have a reasonable basis for believing that the transaction is suitable for the client to whom it is recommended.
According to FINRA’s BrokerCheck, Eugene Weinstein has been in the securities industry for 14 years. Weinstein has been listed with three firms. He is currently listed with the following firm both as a broker and financial advisor:
AMERIPRISE FINANCIAL SERVICES, LLC
4504 Legacy Dr Ste 200
Plano, TX 75024
If you’ve experienced financial losses due to the actions or recommendations of Eugene Weinstein and/or Ameriprise Financial Services in Plano, Texas, or any other broker/dealer concerning ETF losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, no fee to you if no recovery. We represent our clients nationwide before FINRA.
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