Ameriprise Ordered To Pay Customer after Fraud allegations

Michael Anthony Lipscomb (CRD #2286249, Orlando, Florida), who has been a registered representative of Ameriprise Financial Services, Inc. (“Ameriprise”) since August 27, 2014, disclosed via Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that his activities are the subject of a customer-initiated investment-related arbitration dated November 29, 2017. The customer alleged a myriad of sales practice violations, including fraud, negligent supervision, misrepresentation, breach of contract and breach of fiduciary duty. On May 29, 2018, Ameriprise was ordered by the arbitrator to pay the customer $40,000.00 in compensatory damages. (FINRA Arbitration Case #17-03206).

Michael Anthony Lipscomb Accused of Breach of Fiduciary Duty

Lipscomb has disclosed five extra customer disputes on FINRA BrokerCheck regarding assertions of his sales practice violations, including unauthorized trading, excessive trading, and unsuitability. For example:

1)      On January 18, 2011, a customer of Wunderlich Securities and Capital Securities of America, Inc. brought an arbitration alleging inappropriate sales practices; that the customer’s account was neglected; and that mutual fund trades entered in the customer’s account lacked the customer’s authorization. On February 17, 2012, the customer’s claim was settled for $42,000.00. (FINRA Arbitration Case #10-05650).

2)      On September 10, 2012, a Wunderlich Securities customer filed an arbitration alleging that equities were held in the customer’s account which were not suitable as they did not correlate to the customer’s investment objectives. The customer consented to settling the matter for $90,000.00 on July 8, 2014. (FINRA Arbitration Case #12-03094).

3)      On November 29, 2017, an Ameriprise customer filed a customer arbitration alleging that Lipscomb made unsuitable recommendations in reference to oil and gas limited partnerships from January 2015 to September 2015. The arbitrator ordered Ameriprise to pay the customer $48,000.00 in compensatory damages on May 2, 2018. (FINRA Arbitration Case #17-03203).

Investors that have sustained losses from Michael Anthony Lipscomb or another broker who has engaged in unauthorized trading, fraud and excessive trading should consider contacting Soreide Law Group at (888) 760-6552 to speak with knowledgeable counsel about the possibility of recovering investment losses. We represent clients throughout the United States against brokers and brokerage firms and are located in Florida, and only charge a fee if we are successful in recovering for you. Call today for a free consultation.