• February 9, 2019
• Ameriprise Financial Services

The Wolper Law Firm, P.A. is currently investigating claims against Bruce Smith, a Financial Advisor at Ameriprise Financial Services in Bartlesville, Oklahoma.  Bruce Smith has been in the securities industry since 1992 and previously worked for IDS Life Insurance Co.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 4 2018, a customer filed a complaint against Kevin Wilson, alleging:

“Claimants allege that their advisor recommended an overconcentration of REITs (KBS Real Estate Investment Trust and Behringer Harvard Opportunity REIT) and charged inappropriately high advisory and/or management fees. Claimants claim that from the end of 2008 to the end of 2016, their accounts decreased from $500,000 to $220,000. They request an unspecified amount in damages.”

In addition, a second customer filed a complaint against Bruce Smith in 2014, alleging $652,000 in damages arising from the recommendation of Non-Traded real estate investment trusts. 

For a copy of the Bruce Smith’s CRD, click https://brokercheck.finra.org/individual/summary/2245021#disclosuresSection

Non-traded REITs do not trade a public securities exchange.  For this reason, non-traded REITs can be illiquid, meaning investors may be unable to sell their investments on demand.  Typically, the commissions generated on non-traded REITs are higher than industry norm and may be subject to extreme volatility due to associated risk factors.  Non-traded REITs are only suitable for investors with a long term investment horizon who are willing to accept higher levels of risk in their investments

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.  

The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.