Jack McBride Involved In B Riley Investor Dispute

Securities Broker Jack McBride (B Riley, Ameriprise) Involved In Investor Disputes

Soreide Law Group provides you with important information in regard to securities broker Jack B. McBride (CRD#: 2517946, Plymouth, Michigan), who works for B Riley Wealth Management as both a financial advisor and securities broker. Specifically, FINRA BrokerCheck shows that investors of B Riley and Ameriprise Financial Services disputed McBride’s sales practices. In addition, the securities broker has received a suspension and fine from FINRA for alleged trading misconduct. Here’s more.

B Riley Client Indicates That Jack McBride Made Unsuitable Recommendations

Notably, a client of B Riley Wealth Management took issue with Jack McBride’s sales practices. In the January 2020 dispute, the client first alleged excessive fees and commissions. Secondly, McBride supposedly made unsuitable recommendations from October 2018 to January 2020. It appears that the client sustained damages on equities, stocks and ETFs. For this reason, they demanded $380,000 in compensation. Evidently, this matter awaits a resolution.

Ameriprise Financial Services Client Alleges Unauthorized Trading In Dispute About McBride

It appears that a client of Jack McBride’s former employer, Ameriprise, brought an investment dispute in October 2017. Specifically, the lawsuit alleges that the securities broker made unauthorized and unsuitable trades. Purportedly, McBride’s trading of VXX caused the investor’s losses. Because of this, Ameriprise Financial Services opted to settle this matter through making a $82,000 payment to the client in November 2018.

FINRA Issues Suspension, Fine To McBride For Alleged Trading Misconduct In Ameriprise Accounts

Evidently, in October 2017, Jack McBride agreed to serve a 40-day suspension and pay a $12,500 fine to resolve FINRA’s allegations that McBride violated FINRA rules. Mainly, FINRA indicated that McBride settled a client’s complaint without his employer’s authority. It seems that the securities broker did not initially tell Ameriprise that a client complained about him. That complaint alleged McBride’s unauthorized securities purchase which caused the client to incur a margin balance and interest.
Also, FINRA said that Jack McBride gave a client false information about their account balance. In one case, he overstated an account by $570,000.  Supposedly, those values were inflated because of McBride’s errors.
Finally, Jack McBride supposedly mismarked order tickets. Particularly, his mismarking of non-traditional ETF transactions allegedly made it seem like clients solicited them. Supposedly, McBride – not the client – solicited those transactions. Evidently, Ameriprise disaffiliated with McBride for misconduct. The securities broker served the suspension in 2017.

Ameriprise Client Alleges Jack McBride Sold Unsuitable Inverse-Leveraged Exchange Traded Funds

Also, a client of Ameriprise brought a dispute about Jack McBride in May 2015. Specifically, the client contended that McBride recommended inverse-leveraged ETFs that were not suitable. In addition, the client alleged unsuitable recommendations by McBride regarding precious metals and mining investments and common stock trades. It appears that Ameriprise settled this matter through making a $100,000 payment to the client.
Prior disputes allege overconcentration in ETNs and ETFs.

Losses From McBride?

Please note: Jack McBride denies accusations of his sales practice violations. Have you experienced losses by investing with him? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for investors who have incurred losses due to their securities brokers and financial advisors.
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