Investors Sue Ameriprise For Breach Of Fiduciary Duty
Thomas David Sharp (also known as Tom Sharp) of Gold River Colorado a stockbroker currently registered with Ameriprise Financial Services LLC is the subject of a customer initiated investment related civil action in the Sacramento County California Superior Court where the customer sought unspecified damages based upon accusations of negligence and breach of a fiduciary duty as it pertained to Sharp’s sales of real estate investment trusts to the customer during the time that Sharp was associated with Ameriprise. Civil Action No. 34-2018-00243254 (Apr. 2, 2019).
According to the claim, false representations were made to the customer by Sharp in regard to investments in CRB Realty, WP Carey and CNL. The claim alleges that REIT recommendations were in no way suitable and that the customer was defrauded by purchasing those investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Sharp has been identified in two additional customer initiated investment related disputes pertaining to allegations of his misconduct while employed by Ameriprise. He has been referenced in a customer initiated investment related arbitration claim in which the customer was awarded $31,156.99 in compensatory damages supported by Ameriprise being found liable on the customer’s claims of Sharp’s inappropriate real estate investment trust sales to the Ameriprise customer. FINRA Arbitration No. 15-00363 (July 31, 2015). The Award indicates that the customer was inappropriately sold CB Richard Ellis and CNL Lifestyle Properties in violation of FINRA rules and that Ameriprise failed to supervise Sharp’s activities.
On July 24, 2018, a customer initiated investment related arbitration claim involving Sharp’s conduct was settled for $147,000.00 in damages based upon allegations that unsuitable real estate investment trust products were recommended to the customer by Sharp when he was associated with Ameriprise. FINRA Arbitration No. 17-01061 (July 24, 2018).
Sharp has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings of Sharp’s dissemination of unbalanced and unfair information to customers concerning non-traded real estate investment trust products during the time that he was associated with Ameriprise. According to the AWC, customers were not provided with a sound basis to assess the investments that Sharp referenced in his e-mails to them. FINRA found that Sharp’s conduct was violative of FINRA Rules 2010 and National Association of Securities Dealers (NASD) Rule 2210(d).
Sharp has been employed by Ameriprise since August 20, 2015.