Prospera, HD Vest Investors Bring Disputes About Michael Kamperman
The Financial Industry Regulatory Authority (FINRA) reports new disputes involving HD Vest Investment Services securities broker Michael Kamperman (CRD#: 2002603, Waco, Texas). In fact, FINRA BrokerCheck shows that five investors filed complaints or FINRA arbitration claims alleging sales practice violations by Kamperman. Not only that, but FINRA issued him a suspension and long-term suspension. Here’s more about these disclosures.
HD Vest Investment Services Client Alleges Unsuitable Trades In Dispute About Michael Kamperman
Evidently, Michael Kamperman worked as a securities broker of HD Vest from 2014 to 2017. It appears that a client of HD Vest Investment Services disputed Kamperman’s sales practices. Namely, in this August 2020 FINRA Arbitration Claim, the client alleges that the securities broker made unsuitable trades. In addition, Kamperman is accused of excessive trading. It seems that the client experienced losses or damages from OTC equities trades made between 2015 and 2017. For this reason, the client demands $300,000 to resolve this ongoing matter.
Kamperman Involved In Prospera Financial Services Client’s Dispute Alleging Excessive Trading
Michael Kamperman reportedly worked for Prospera Financial Services before joining HD Vest Investment Services. Apparently, a client of that firm alleged in August 2020 that Kamperman’s unsuitable and excessive trading caused them to sustain losses or damages. Because of this, the client seeks $300,000 from the securities firm. It appears that this matter awaits a resolution.
Prospera Client Alleges That Michael Kamperman Breached Fiduciary Duty
Notably, a second Prospera Financial Services client contended that Michael Kamperman initiated inappropriate trades. In this June 2016 FINRA Arbitration Claim, the client first alleged that the securities broker overconcentrated their assets in certain stocks. Secondly, he supposedly breached a fiduciary duty and breached a contract. Thirdly, the client claimed that they did not receive important information about investment risks. For this reason, Prospera Financial Services opted to settle this matter through making a $320,000 payment to the client in October 2017.
FINRA Issues Kamperman Fine, Suspension For Purportedly Unsuitable Recommendations
Moreover, FINRA issued Michael Kamperman an 18-month suspension and $20,000 fine to resolve allegations of his unsuitable recommendations. This June 2019 disciplinary action concerns Kamperman’s recommendations for clients’ retirements accounts. FINRA says that the securities broker concentrated clients’ assets in oil and gas securities. The securities broker reportedly told one client to buy a leveraged inverse ETN and to hold that investment for an extended period.
Ultimately, FINRA contended that Michael Kamperman’s recommendations were incompatible with his clients’ investment experience, financial needs, investment objectives and risk tolerance. Notably, FINRA claimed that clients lost more than $407,000 because of moving forward with Kamperman’s recommendations. It appears that the securities broker served the suspension from 2019 to 2020.
Losses From Investing In Risky Securities Through Mike Kamperman?
Apparently, Michael Kamperman denies allegations of sales practice violations as referenced by his clients. Have you incurred losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have experienced losses because of their securities brokers and financial advisors.
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