• March 22, 2024
• Ameriprise Financial Services

Michael Fisher (CRD: 4056114) is a registered broker and investment advisor with Ameriprise Financial Services, LLC., in Melville, NY.

 

Broker’s Background

He entered the securities industry in 2000 and previously worked with Citigroup Global Markets Inc.; Merril Lynch, Pierce, Fenner & Smith Incorporated; UBS Financial Services, Inc.; and Wells Fargo Advisors, LLC.

 

Current and Past Allegations of Conduct Leading to Investment Loss

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2023, Michael Fisher became the subject of a customer dispute which alleged, “Time frame: March 2010 – September 2012 Allegations: Claimants allege that financial advisor engaged in unsuitable and unauthorized trading which resulted in principal losses.” The customer dispute is still pending.

 

In addition, Michael Fisher has been the subject of five other customer complaints, which include the following:

• March 2023— “Claimants allege their advisor made unsuitable investment recommendations and unauthorized trades during the time period November 2016-January 2023.” The damage amount requested is $1,000,000 and the customer dispute is still pending.
• Sept 2018—“Michael Fisher was a subject of the customer’s complaint against his member firm that asserted the following causes of action: breach of fiduciary duty, suitability, failure to supervise, and negligence. The causes of action relate to Preferred/Fixed Rate Cap Securities.” The damage amount requested was $50,000. The Claimant was awarded for $50,000 to be paid by Respondent with interest.
• September 2017— “Arbitration: Claimant alleges that from February 2013 through November 2016, the FA made unsuitable investments. Complaint: Client alleges misrepresentations of UIT investments. (1/1/2013-11/8/2016).” The customer dispute was settled for $100,000.
• March 2017— “Michael Fisher was a subject of the customer’s complaint against his member firm that asserted the following causes of action: negligence, breach of fiduciary duty, and unsuitability.” The Claimant was awarded for $50,000 to be paid by Respondent with interest.
• Dec 2015—“The client alleges that the investment vehicles he is invested in are unsuitable to his investment goals. (07/01/2013-12/15/2015).” The customer dispute was denied.

For a copy of Michael Fisher’s 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 represents investors nationwide in securities litigation and arbitration on a contingency fee basis. 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. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.