Ameriprise Financial Advisor, Michael Lipscomb, Has Six Customer Complaints For Alleged Sales Practice Violations
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 firstname.lastname@example.org 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.
- Learn How Due Diligence Regulations Protect Investors Seeking Private Placement Transactions
- Triad Investors LLC, Broker and The Just Company Investment Adviser, Mark Just, Has Six Customer Complaints, Including Complaints For The Sale Of Alternative Investments
- Former Stifel, Nicolaus & Company, Inc. Broker Joseph H. Pratt Barred by FINRA for Insider Trading; Customer Complaint Pending
- Former Dinosaur Financial Group, LLC Broker and Investment Adviser David Karandos Has Six Customer Complaints, Including 3 Pending Complaints Alleging Sales Practice Misconduct
- Former Ameriprise Financial Services Broker and Investment Adviser Angel Bardeche Fined and Suspended After Engaging in Unsuitable Mutual Fund Trading for Clients
- Benjamin F. Edwards and Co., Inc. Broker John Griner Fined and Suspended After Allegedly Improperly Exercising Discretion Without Proper Authorization
- FINRA Reports That Margin Levels in Customer Accounts Have Reached All-Time Highs of More Than $722 Billion
- How to Stop Stock Loss Caused by Your Broker-Dealer
- Former LPL Financial LLC Broker, Maziar Monshi, Has Had Three Customer Complaint Disclosures Alleging Sales Practice Misconduct
- Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, John Gatto, Has Had Eight Customer Complaint Disclosures Alleging Sales Practice Misconduct