JULY 2017-Stephenville, TX
According to publicly available records Tom Gilliam Parks, Jr. , (CRD#1558909) , a stockbroker who is not currently registered and who last was employed by Ameriprise Financial Services discloses 9 pending customer disputes, 14 prior final customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
The customer disputes include:
- FINRA arbitration 17-0563 in which an Ameriprise customer alleges damages of $113,486 for unsuitable investments, including investments in annuities
- FINRA arbitration 17-0026 in which an Ameriprise customer alleges damages of $335,000 for unsuitable investments in mutual funds and oil & gas master limited partnerships
- FINRA arbitration 16-03649 in which an Ameriprise customer alleges damages of $180,000 for unsuitable investments in oil & gas master limited partnerships
- FINRA arbitration 16-03125 in which an Ameriprise customer alleges damages of $101,000 for unsuitable investments in oil & gas master limited partnerships, a closed end mutual fund and a business development company (BDC)
Six of the prior final customer disputes have been resolved by cash settlements, including:
- FINRA Case 16-03529 in which an Ameriprise customer alleged damages of $95,000 for unsuitable investments in oil & gas master limited partnerships, and a RiverSource variable universal life policy. That case was settled for $50,000.
- FINRA Case 16-01069 in which an Ameriprise customer alleged damages of $244,000 for unsuitable investments in equities, funds and oil & gas master limited partnerships. That case was settled for $175,000.
- FINRA Case 16-0653 in which an Ameriprise customer alleged damages of $148,000 for unsuitable investments in an annuity, an exchange traded fund (ETF) mutual funds and oil & gas master limited partnerships. That case was settled for $70,000.
Tom Parks was employed by Ameriprise Financial Services from 12/1993-4/2016. In 4/2016 Parks was ‘permitted to resign’ from Ameriprise who made the following allegation on his FINRA record: “Registered representative resigned while on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence.”
If you have losses in an account handled by Tom (Gil) Parks, Jr. you may be able to recover damages from his former employer through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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