FINRA BrokerCheck reports troubling allegations of sales practice violations from Ameriprise Financial Services securities representative Richard Ewing (Dickie Ewing) (CRD#: 3189321, Palm Beach Gardens, Florida). Notably, the securities broker, who joined Ameriprise Advisor Services Inc. in 2005 and transitioned to Ameriprise Financial Services in 2009, reports 4 client disputes and 2regulatory infractions. Here’s more on the allegations of Ewing’s sales practice violations which suggest that he may have sold unsuitable investments to clients.
Ameriprise Financial Services Client Files Complaint Indicating Richard Ewing Sold Unsuitable Annuity
Evidently, a client of Ameriprise filed a dispute with the firm over Ewing’s sales practices. The complaint dated August 30, 2018 alleged that the client’s variable annuity was unsuitable. Supposedly, Ewing recommended an annuity which failed to align to the client’s investment goals or life circumstances. For this reason, the client demanded compensatory relief of $38,652.99. However, Ameriprise Financial Services denied the client’s allegations on September 21, 2018.
Ameriprise Financial Client’s FINRA Arbitration Claim Suggests Ewing Misrepresented Investments
It appears that a second Ameriprise client brought FINRA Arbitration #15-00306 disputing Ewing’s sales practices. First of all, the client alleged that Ewing misrepresented facts about investments he sold which included stocks and mutual funds. Secondly, Ewing failed to put the client’s interest before his own, and allegedly executed transactions primarily to generate fees. Thirdly, Ewing or Ameriprise allegedly violated provisions of New Hampshire law and federal securities laws through unsuitable trading. Evidently, Ameriprise opted to settle this matter by paying the client $52,500.
Two Prior Disputes Allege Richard Ewing Sold Unsuitable, Misrepresented Annuities
Ewing also disclosed that an Ameriprise client brought a dispute in 2010 to contest Ewing’s allegedly unsuitable variable annuity sale. And a client of H&R Block Financial Advisors, Inc. (Ewing’s former employer) brought a claim in 2008. The H&R client contended that Ewing falsely stated that the client would earn 7% returns through investing in closed end funds. However, Ameriprise and H&R Block denied the clients’ allegations so the disputes closed without resolution.
New Hampshire, Florida Issue Sanctions To Ewing
Evidently, New Hampshire issued Ewing a $15,000 fine and required him to pay $46,257.61 to a New Hampshire investor. Allegedly, Ewing gave the resident investment advice when Ewing was not a registered investment adviser. Previously, Florida Department of Financial Services sanctioned Ewing for failing to comply with registration requirements.
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