- May 31, 2023
- Ameriprise Financial Services
Ted Boutis (CRD#: 2951760) is a registered Broker and Investment Adviser at Ameriprise Financial Services, LLC in Mineola, NY.
He entered the securities industry in 1997 and previously worked for IDS Life Insurance Company.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2022, a customer dispute was filed against Ted Boutis. The allegation states, “The Claimants allege respondents made unsuitable investment recommendations in mutual funds. The Claimants further allege the investments were misrepresented to them.” The customer dispute is pending.
In addition, Ted Boutis has been the subject of three other customer complaints, including the following:
- April 2021 — “Claimants allege respondents recommended unsuitable investments in C-share mutual funds, variable annuities and the use of margin.” The customer dispute was settled for $125,000.
- April 2021 — “Claimants allege respondent recommended unsuitable investments in C-share mutual funds, variable annuities and the use of margin.” The customer dispute was settled for $69,500.
- September 2020 — “Claimant alleges that her advisor made poor investment recommendations specifically in C Share mutual funds.” The customer dispute was settled for $70,000.
For a copy of Ted Boutis’ FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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 firstname.lastname@example.org.