Investors Sue Ameriprise For Bad Alternative Investments
Tom Gilliam Parks Jr. (also known as Gil Parks) of Stephenville Texas a stockbroker formerly registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $35,000.00 in damages based upon allegations that between August of 2014 and January of 2018, the customer had been advised by Parks to invest in oil and natural resource investments which were not appropriate given the customer’s risk tolerance or investment objectives. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02338 (Apr. 29, 2019).
FINRA Public Disclosure confirms that Parks has been referenced in twenty-six additional customer initiated investment related disputes pertaining to accusations of his violative conduct during the period in which he was associated with securities broker dealers including Ameriprise Financial Services Inc. In particular, Parks is referenced in a customer initiated investment related civil action brought in the Tarrant County, Texas District Court where the customer sought $1,000,000.00 in damages founded on allegations that fiduciary obligations were violated; the customer’s account had been administered in a negligent matter; contractual obligations failed to be complied with; investment advice was shoddy; the customer was provided false or misleading statements concerning the terms, conditions or risks of investments; and the customer was defrauded by purchasing insurance products and Energy Infrastructure Fund. Civil Action No. 096-281578-15 (Oct. 15, 2015).
Another customer initiated investment related arbitration claim regarding Parks’ conduct was settled for $45,000.00 in damages supported by accusations that Parks failed to have an adequate foundation to believe that the oil and gas master limited partnership investments he recommended were suitable for the customer; and the purchase of those investments led the customer to experience losses. FINRA Arbitration No. 17-01532 (Mar. 12, 2018).
Parks is the subject of another customer initiated investment related arbitration claim which was resolved for $30,000.00 in damages based upon allegations that investment recommendations made by the stockbroker failed to be suitable and led the customer to experience unwarranted losses or liquidity issues. FINRA Arbitration No. 17-00563 (Apr. 3, 2018). Also, a customer initiated investment related arbitration claim concerning Parks’ activities was settled for $30,000.00 in damages founded on accusations of bad real estate investment trusts, master limited partnerships and mutual funds being sold to the customer between January of 2014 and September of 2017. FINRA Arbitration No. 17-02542 (June 28, 2018).
In addition, Parks is referenced in a customer initiated investment related arbitration claim which was resolved for $94,025.00 in damages supported by allegations that while Parks was employed by Ameriprise Financial Services Inc., the customer was sold oil and gas products and stocks that failed to comport with the customer’s investor profile. FINRA Arbitration No. 18-02001 (July 15, 2019).
Parks was terminated by Ameriprise Financial based upon accusations that he sold customers bad investments and failed to abide by the requirements set forth by the securities broker dealer while on heightened supervision.