Articles Posted in Ameriprise

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Investors’ rights lawyers are advising senior investors to stay alert when looking at potential investment opportunities.  Recently,  a Financial Industry Regulatory Authority (FINRA) panel entered an arbitration award in favor of a senior couple against Ameriprise Financial Services Inc. regarding an investment made six years ago.

investment fraud laywer

Albertus Niehuis Jr. and his wife Andrea allegedly made an investment with Ameriprise Financial in early 2008 involving three high-risk tenant-in-common investments in hotels and office complexes. The total investment amount was $1.03 million.  One of these three investments failed completely, and the other two lost significant value.

Fortunately, Niehuis and his wife had the good sense to contact a securities arbitration lawyer, and their situation was put in front of a FINRA arbitration panel.  The FINRA panel found that Ameriprise’s investment advice was not appropriate considering the elderly couple’s risk tolerance and ordered Ameriprise to pay $1.17 million to the couple

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Shane Selewach, a former Ameriprise Financial Services Inc. broker, has been convicted of stealing nearly $335,000 from clients and sentenced to 8-12 years in prison for broker misconduct. Selewach’s misconduct includes six counts of larceny, six counts of securities fraud and conducting business as an unregistered broker dealer.

SELEWACH SENTENCED TO 8-12 YEARS IN PRISON

Selewach was employed with Ameriprise from September 1997 until he was fired in April 2006. In February of 2008, he was permanently barred from acting as a securities broker by the Financial Industry Regulatory Authority. His broker misconduct took place between July 2005 and November 2008, during which time he stole nearly $350,000 from six victims. For the last nine months of this time period, he was barred from being a broker but continued to operate as one regardless. Selewach led investors to believe that he was investing their money in hedge funds, commodities and real estate, but in reality he was using it for personal benefit including travel, mortgage payments and sporting event tickets.

During the trial, Selewach’s defense argued that the monies he received were loans rather than “high-interest-rate investments,” according to the Cape Cod Times. Selewach himself testified to this effect. However, victims of his crimes testified otherwise. One of his victims, Patricia Conti, lost more than $150,000 to Selewach. Conti testified that Selewach did not disclose that his departure from Ameriprise was a result of termination, that he continually pressured her and that he asked her to sign documents which she was unable to read fully because they were largely concealed from view.

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