Ameriprise Financial Advisor, Jeffrey McHale, Has Three Customer Complaints, Alleging Sales Practice Misconduct
Jeffrey McHale (CRD # 2998580) is a Financial Advisor at Ameriprise Financial Services in Hingham, Massachusetts. Jeffrey McHale has been in the securities industry since 1998 and previously worked at Coburn & Meredith and Merrill Lynch.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Jeffrey McHale has been the subject of three customer complaints during his career, including two since 2018. The complaints allege the following:
• December 2019—”Claimants allege respondents recommended unsuitable investments including pharmaceutical and biotech stocks while at Ameriprise from 2015-2019. Claimants also allege that their accounts were overconcentrated and certain transactions were marked unsolicited despite being recommended by respondent advisor.” The alleged damages are $650,000 and the matter remains pending.
• December 2018—”Claimant alleges respondent recommended unsuitable investments. Specifically, claimant alleges that respondent recommended a high concentration of equity securities, did not recommend bonds and instead recommended low priced low market cap securities. As a result, claimant alleges he suffered damages of at least $180,000 plus interest and costs.” The alleged damages are $180,000 and the matter remains pending.
• June 2001—”CLIENT ALLEGED THAT HIS REQUEST TO FREE-LOOK A VARIABLE ANNUITY CONTRACT WAS NOT PROCESSED ON TIME. NO SPECIFIC DAMAGES ALLEGED.” The complaint was denied.
For a copy of Jeffrtey McHale’s CRD, click https://brokercheck.finra.org/individual/summary/2998580#disclosuresSection.
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.
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