• August 14, 2018
• Ameriprise Financial Services
• Negligence

The Wolper Law Firm is currently investigating claims against Michael Lipscomb, a Financial Advisor at Ameriprise in Orlando, FL.  Michael Lipscomb has been in the securities industry since 1992 and previously worked at Wunderlich Securities in Memphis.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Lipscomb has been the subject of six (6) customer complaints, alleging sales practice violations.  Among the customer complaints filed against Michael Lipscomb including the following:

• November 2017—Customer alleged that Michael Lipscomb engaged in “negligence, gross negligence, negligent misrepresentation/omission…” Damages of $40,000 were awarded to the customer.
• November 2017—Customer alleged unsuitability and fraud in connection with the sale of “two oil and gas master limited partnerships.” Damages of $48,000 were awarded to the customer.
• September 2012—“Client claims that investments in her account were not suitable to her investment objectives.” The matter was settled for $90,000.
• January 2011—Client claims “improper sales practices, unsuitable investment recommendations, unauthorized trading… The matter was settled for $42,000.

To review the entire disclosure history for Michael Lipscomb, click https://brokercheck.finra.org/individual/summary/2286249#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.

If you or someone you know was a customer of Michael Lipscomb and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, 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.