Ameriprise Financial Sued By Investors For Securities Fraud
Michael Anthony Lipscomb of Orlando Florida a stockbroker currently registered with Ameriprise Financial Services is the subject of a customer initiated investment related arbitration claim where the customer was awarded $40,000.00 in compensatory damages based upon Ameriprise being found liable on the customer’s claims including that (1) fiduciary duties were violated (2) contractual obligations had been breached (3) misrepresentations were made by the stockbroker (4) the customer’s account had been handled in a negligent manner (5) federal and state securities laws were violated (6) transactions were not suitable and (7) the customer had been defrauded by purchasing New Source Energy Partners LP and Atlas Resources Partners Ltd. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-03206 (May 29, 2018).
FINRA Public Disclosure confirms that Lipscomb is referenced in five more customer initiated investment related disputes pertaining to accusations of his violative conduct during the time that he was employed by JWGenesis Financial Group, Wunderlich Securities, Capital Securities of America Inc. and Ameriprise. Specifically, Lipscomb is referenced in a customer initiated investment related arbitration claim in which the customer requested $35,317.94 in damages founded on allegations that transactions executed by the stockbroker failed to be suitable; trades were effected without the customer’s permission; and the stockbroker’s excessive trading led the customer to experience losses.
Lipscomb is the subject of another customer initiated investment related arbitration claim which was settled for $42,000.00 in damages based upon accusations that the customer’s account had been handled with poor care; unauthorized trades were executed by the stockbroker; and the customer was poorly advised in regard to mutual funds held in the customer’s account during the time that Lipscomb was associated with Wunderlich Securities and Capital Securities of America Inc.
Also, Lipscomb is the subject of a customer initiated investment related arbitration claim where the customer was awarded $48,000.00 in damages based upon Lipscomb being found liable on the customer’s claims of violation of Securities Exchange Act of 1934 Section 10(b); SEC Rule 10b-5; Investment Advisers Act of 1940 Section 206; and violations of FINRA Rules 3110, 2210, 2111, 2090, 2020 and 2010 in regard to a fraudulent sale of New Source Energy Partners and Breitburn Energy Partners LP oil and gas master limited partnerships. FINRA Arbitration No. 17-03203 (May 2, 2018).