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Ameriprise

Broker Wires $370k from Family Accounts

By Tom Costello of Costello Law Group  As a result of allegedly missing numerous red flags of broker misconduct, FINRA fined Ameriprise $850,000. The fine was imposed as a result of Ameriprise management’s failure to detect nine wire transfers, totaling $370,000, from customer accounts to the personal account of an Ameriprise Financial advisor. […]

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401k Suit Settles for $27.5 million

By Tom Costello of Costello Law Group Twenty-four thousand of Ameriprise Financial Inc.’s past and present employees have settled their case against Ameriprise for $27.5 million. The retirement plan participants claimed that they were charged excessive fees by Ameriprise. The participants alleged that Ameriprise failed to ensure reasonable fees for the administrative services […]

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Advisor Sentenced to 3 ½ Years after an Alleged Ponzi Scheme to Pay Off Gambling Debts

By Tom Costello of Costello Law Group  Earlier this month, U.S. District Court Judge Gary Feinerman sentenced Oscar Overbey, Jr., to three and a half years in a federal prison. The charges against Overbey, a former Ameriprise advisor, stemmed from an alleged Ponzi scheme he created to pay off gambling debts and other […]

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Ameriprise Financial Ordered to Pay Elderly Couple $1.17 Million

By Tom Costello of Costello Law Group A FINRA arbitration panel ordered Ameriprise Financial Services Inc. to pay $1.17 million to an elderly couple after advising them to invest their retirement savings in speculative real estate investments. According to the award, Ameriprise had advised the couple to invest over $1 million of their […]

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