In a recent development, a pending customer dispute has been lodged against Kevin Houser, a representative of AMERIPRISE FINANCIAL SERVICES, INC. AND LPL FINANCIAL, LLC. The customer alleges that between 2016 and 2023, Houser made unsuitable investment recommendations and misrepresented a business development company and a variable annuity. The customer claims to have suffered a loss of $46,979 as a result of these alleged actions.
Dispute Details
The dispute, filed under case number 23-02053, asserts that the representative’s actions occurred while he was associated with AMERIPRISE FINANCIAL SERVICES, LLC from 09/16/2016 to the present. The customer claims that the investments made were not in line with their financial goals and risk tolerance, leading to significant losses.
In response to these allegations, Houser has firmly denied any wrongdoing. He maintains that he had numerous face-to-face meetings, phone calls, and email exchanges with the client, all of which were documented in compliance-approved contact systems. He insists that the investments were thoroughly explained in multiple meetings and were appropriate for the client’s stated objectives at the time of purchase.
Investors Recovering Losses with FINRA Arbitration
In situations like these, investors may have the option to recover their losses through the Financial Industry Regulatory Authority (FINRA) arbitration process. This process is often faster and less formal than court proceedings, and is commonly used to resolve disputes between investors and brokers.
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- FINRA arbitration can be initiated by an investor who believes they have been wronged by their broker or brokerage firm.
- The process involves presenting the case to a panel of arbitrators who will make a decision based on the evidence provided.
- If the panel finds in favor of the investor, they may be awarded damages to cover their losses.
It’s important for investors to understand that FINRA arbitration is a legal process, and it’s advisable to seek representation from an attorney who specializes in securities arbitration.
Final Thoughts
Investor protection is a cornerstone of the financial industry. While representatives like Kevin Houser are entitled to their defense, it’s crucial for clients to be aware of their rights and the mechanisms in place to protect their investments. If you believe you have been a victim of investment fraud or misconduct, don’t hesitate to explore your options for recovery, such as FINRA arbitration.
Remember, every investment carries some level of risk, but that does not include being misled or misinformed by your financial advisor. Stay informed, stay vigilant, and don’t be afraid to seek professional help if you need it.
