Customer Wins Arbitration Against Ameriprise

On April 16, 2013, a Financial Industry Regulatory Authority (FINRA) arbitration panel in Los Angeles, CA, ordered Ameriprise Financial Services, Inc. and broker Yousef Jamshidipour to pay a customer compensatory damages of $66,356, plus interest, mediation fees and expert witness fees. The panel denied the request for punitive damages and attorney fees. FINRA Case #09-5316.

The customer alleged misrepresentations, unsuitability of investments, unauthorized trading, breach of fiduciary duty and lack of supervision in connection with purchase, on margin, of Frontline common stock, GMAC stock and a variable annuity. The customer had requested damages of $150,000, punitive damages of $350,000, attorney fees, interest and costs.