Ameriprise Stockbroker Barred For Failing To Pay Arbitration Award
Cary Jarrett Kievman of Westlake Village California a stockbroker formerly registered with Ameriprise Financial Services Inc. has been suspended by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity based upon accusations that the stockbroker neglected to comply with an arbitration award or settlement agreement or otherwise confirm her compliance with FINRA personnel. Case No. 16-03476 (Nov. 21, 2019).
FINRA Public Disclosure reveals that Kievman has been identified in six customer initiated investment related disputes involving allegations of the stockbroker’s bad business practices while employed by Ameriprise. Specifically, Kievman is referenced in a customer initiated investment related complaint which was settled for $15,000.00 in damages on August 28, 2015 founded on accusations that the customer was poorly advised; and omissions had been made by Kievman regarding exchange traded funds and common or preferred stocks when the stockbroker was registered with Ameriprise Financial Services.
Another customer initiated investment related arbitration claim concerning Kievman’s activities was resolved for $92,500.00 in damages supported by allegations that during the period that Kievman was associated with Ameriprise Financial Services, the customer was not provided adequate information about the risks and drawbacks of investments; the customer’s account was over concentrated by the stockbroker in speculative investments causing the customer to be exposed to increased risks; and investment recommendations failed to be suitable given the customer’s risk aversion or financial needs. FINRA Arbitration No. 16-00825 (Feb. 27, 2017).
Another customer initiated investment related arbitration claim in regard to Kievman’s conduct was settled for $42,500.00 in damages based upon accusations that while Kievman was employed by Ameriprise Financial Services, her investment recommendations to the customer regarding short term equities failed to be suitable in view of the customer’s risk tolerance, investment objectives or overall circumstances; and she over concentrated the customer’s assets in speculative equities. FINRA Arbitration No. 16-01950 (June 22, 2017).
Kievman is also the subject of a customer initiated investment related arbitration claim which was resolved for $29,000.00 in damages founded on allegations that misrepresentations and omissions had been made by the stockbroker pertaining to the risks of investments; transactions were unsuitable given the customer’s objectives and financial status; and the customer suffered unwarranted losses on oil and gas securities, common or preferred stocks, and direct participation program interests or limited partnership interests which Kievman sold or recommended when the stockbroker was registered with Ameriprise Financial Services. FINRA Arbitration No. 17-03172 (Oct. 3, 2018).
Kievman’s employment with Ameriprise Financial Services has been terminated as of November 1, 2016.