January 2019 – Austin, TX According to public records of Justin A. Montandon (CRD#4455879) a stockbroker employed by Ameriprise Financial Services, Inc., discloses a regulatory event, a customer dispute settlement.
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.
In April of 2016, Montandon was investigated by Michigan Department of Insurance and Financial Services for allegations that “after applying for a non-residence insurance license on July 7, 2015, the Michigan Department of Insurance and Financial Services issued a notice of intent to deny the application due to allegedly providing misleading information on license application due to a FINRA arbitration decision finding breach of fiduciary duty and breach of contract.” A fine of $250 was paid in settlement.
A customer of Ameriprise Financial Services, Inc., filed FINRA case #13-01087 alleging that while deceased plaintiff was terminally ill, Montandon advised them to place $63,161 into decedent’s existing life insurance policy in order to receive a guaranteed 4% return. The customer alleged that Montandon failed to disclose that if plaintiff died within the first year the cash was in the policy, they would only receive the face value of the policy. Following a hearing before a FINRA arbitration panel, the customer was awarded $137,709.
Montandon has been employed with Ameriprise Financial Services, Inc. since 2002.
If you have questions about an account handled by Justin Montandon, contact us for a no charge consultation to learn how you may be able to recover damages from his 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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