Investors Sue Ameriprise For Unsuitable Investment Advice
Bradley Leo Renberg of West Des Moines Iowa a stockbroker registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $380,000.00 in damages based upon accusations of speculative and unsuitable energy sector equities held in the customer’s account at Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01275 (May 8, 2019).
Renberg has been identified in three more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Olde Discount Corporation and Ameriprise Financial Services. FINRA Public Disclosure confirms that a customer initiated investment related arbitration claim concerning Renberg’s activities resulted in the customer being awarded $130,000.00 in compensatory damages based on Renberg and Olde Discount Corporation being found liable for the customer’s losses. NYSE Arbitration No. 2000-008497. According to the claim, investment risks were not disclosed to the customer and equities trades failed to be suitable. The claim also alleged that the customer’s account was mismanaged and lacked proper supervision.
Renberg is also referenced in a customer initiated investment related arbitration claim which was settled for $105,000.00 in damages based upon allegations that unauthorized and unlawful stock transactions were effected in the customer’s account. The claim also alleged negligence and breach of fiduciary duty by Renberg when he was employed by Olde Discount Corporation.
On February 9, 2018, another customer filed an investment related complaint involving Renberg’s conduct in which the customer requested more than $5,000.00 in damages supported by allegations that stock and over-the-counter equities transactions recommended for the customer’s account were not suitable and that trades had been effected without the customer’s knowledge or consent in 2017 when Renberg was employed by Ameriprise Financial Services.
Renberg has been associated with Ameriprise Financial Services since October 5, 2009.