It seems there’s trouble brewing in sunny Boca Raton, Florida, with one Mr. Guy Anthony Colella. A seasoned stockbroker and financial advisor, Colella finds himself at the center of a considerable investment dispute. Currently employed with Ameriprise Financial Services and a member of the Adelson Group, this isn’t the first rodeo for Colella, who has previous experience with notable firms like Raymond James & Associates and Prudential Securities.
Unsuitable Investment Allegations
This saga started when a customer under Ameriprise Financial Services filed a FINRA arbitration in April 2023. The crux of the matter is highly concerning – the client alleges that Guy Colella recommended the surrender of annuities, further advising a shift of their investments towards unsuitable stocks and mutual funds.
Excessive Trading and Misrepresentation
Dominoes began to fall fast as accusations of excessive trading surged. The client claims their accounts were inappropriately coded, with a risk tolerance and investment objectives that were grossly unfitting for their age. And if that wasn’t enough, a hefty $420,000 is currently sought in terms of damages.
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However, it seems that Guy Colella’s problems didn’t start here. In a past event dating back to 2002, he was involved in a customer complaint, leading to a payout of $14,000. The bone of contention was unauthorized trading involving the customer’s account.
Even further back in his early career with Prudential Securities, another thorny issue arose where a client claimed that Colella recommended the sale of mutual funds. The intention appeared to be to channel the proceeds into closed-end funds of the same nature, primarily to create commissions of $125,000. Although the firm denied these allegations, these incidents tarnish @Colella’s record.
Duty of the Financial Advisors
Brokers, their firms, and parties like Ameriprise Financial have a mandate under FINRA rules (namely, 3110 & 2090) to ensure that their recommendations are apt for their clients. Adequate supervisory measures need to be in place to circumvent any misconduct, inappropriate actions or misrepresentation of customer’s risk tolerance and investment objectives.
Can Investors Seek Justice?
Definitely, yes. If you have suffered investment losses under the advisement of Guy Colella, the wisest move is to get an investment fraud lawyer on your side. Getting back your lost investment through FINRA arbitration is a possibility with the right legal guidance.
Investigations are not limited to Guy Colella’s conduct; several other Ameriprise Financial brokers are also currently under scrutiny. It’s crucial to seek a free consultation if you find yourself in this unfortunate situation and to understand your options.
Investors need to keep an eagle eye on their investments and bubble up any disconcerting behavior to the Financial Industry Regulatory Authority (FINRA). Remember, FINRA is the authority that licenses and regulates stockbrokers, as well as the brokerage firms they work for. Their role also includes reporting customer complaints, disputes and any regulatory sanctions.
Transparency is key in all matters involving finances, starting from personal bankruptcies to court-imposed judgments and liens. Boca Raton, with its sizable retirement community, should exercise vigilance towards financial market practices, given the current questionable conduct of brokers like Guy Colella.