December 11, 2014- Austin , Texas
Ameriprise Financial Services, Inc. was ordered by an arbitration panel in Austin, TX, to pay a former customer over $127,000 for rendering bad advice regarding making additional contributions to a Life Protection Plus insurance policy. The customer claimed that the broker told them they would be guaranteed a minimum 4% interest return on additional cash contributions to the policy and failed to tell them that if the insured died, only the face amount would be paid to the beneficiary. All additional cash paid into the policy would be lost.
The case McNamara Estate v Ameriprise Financial Services and Justin A. Montandon , FINRA Case#13-1087, was heard over a three day period by a three person, all public, FINRA arbitration panel. FINRA (the Financial Industry Regulatory Authority) is the regulatory agency that oversees and licenses stock brokers and broker dealers.
If you have suffered damages in your brokerage account due to the fraud or negligence of a stock broker, you may be entitled to damages through FINRA arbitration. Call for details.
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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