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 retirement savings into three tenant-in- common real estate investments. The couple invested in these risky investments in 2008 and since then one completely failed and the other two had a steep decline in value. This caused the couple to lose almost their entire life savings.
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