Soreide Law Investigating Ameriprise For Unsuitability And Misrepresentation

Soreide Law Group is investigating claims of unsuitability and misrepresentation on behalf of customers who invested with Ameriprise Financial Services brokers and financial advisors including John Anthony Gruber, Johnny Gin Yang Ng and Douglas Dinzik.
Ameriprise Financial Services, Inc. (CRD#: 6363, Minneapolis, Minnesota) is an investment adviser firm regulated by the Securities and Exchange Commission (“SEC”) and brokerage firm regulated by Financial Industry Regulatory Authority (“FINRA”). FINRA BrokerCheck shows that Ameriprise Financial services has made 174 disclosures which consist of allegations and findings against the firm of regulatory infractions and sales practice violations. The firm has also been named in myriad customer-initiated, investment-related disputes relating to allegations against its own brokers of sales practice violations. Some of the disputes, including those described below, allege that Ameriprise or the brokers were responsible for selling customers unsuitable investments, and misrepresenting and omitting investment information.

December 19, 2017 Arbitration Involving Ameriprise Financial Services Broker John Anthony Gruber

John Anthony Gruber (CRD#: 2073344, Lake City, Minnesota) is a registered representative of Ameriprise Financial Services. At least one of his customers disputed his sales practices. Gruber’s FINRA BrokerCheck Report shows that the Ameriprise Financial Services customer filed FINRA Arbitration #17-00340 on December 19, 2017. That customer contended that Gruber made an unsuitable recommendation to buy a variable life insurance policy. Allegedly, because of the bad recommendations, the customer suffered damages. All things considered, on December 19, 2017, the firm paid the customer $76,667.00 to settle the arbitration. John Anthony Gruber has worked for Ameriprise Financial Services, Inc. since July 19, 1990.

August 15, 2018 Arbitration Concerning Ameriprise Financial Services’ Johnny Gin Yang Ng

Johnny Gin Yang Ng (CRD#: 4044141, San Francisco, California) is an Ameriprise Financial Services, Inc. registered representative who has been accused of misrepresentation. Indeed, Ng disclosed on his FINRA BrokerCheck Report that a customer of Ameriprise Financial Services filed FINRA Arbitration #18-02817 on August 15, 2018. Principally, the customer alleged that Ng misrepresented the amount of income that an annuity would pay the customer. The customer seemingly went forward with the annuity transaction because of those representations. In order to resolve the matter, Ameriprise Financial Services agreed on October 1, 2018 to pay the customer $15,987.00. Johnny Gin Yang NG joined Ameriprise on June 7, 2017. He also worked at NYLife Securities LLC from April 27, 2010 to June 6, 2017.

April 4, 2017 Arbitration About Ameriprise Financial Services Broker Douglas Dinzik

Ameriprise Financial Services broker Douglas Dinzik (CRD#: 2262066, Palm Beach Gardens, Florida) also reported that a customer contested his sales practices. The Ameriprise Financial Services customer brought FINRA Arbitration #17-00873, naming the firm as a respondent but referencing Dinzik’s activities. The customer’s causes of action included misrepresentation, non-disclosures, breach of fiduciary duty, manipulation, and suitability. Apparently, Dinzik failed to listen to the customer’s needs, and put the customer in risky investments when the customer was a conservative investor. Additionally, Dinzik allegedly failed to document any communications with the customer about investment strategy and market conditions.
The Arbitrator found that Dinzik’s investment strategy was not suitable for the customer. As a result, the Arbitrator ordered Ameriprise Financial Services to pay the customer $20,000.00 in compensatory damages. Dinzik joined Ameriprise Financial Services on August 31, 2012.

Have you experienced losses from Ameriprise brokers John Anthony Gruber, Johnny Gin Yang Ng or Douglas Dinzik based on misrepresentations, unsuitable sales or other sales practice violations? If so, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses.