Alert: ANGEL BARDECHE of Ameriprise SUSPENDED – Cincinnati, OH
Angel Bardeche, formerly with Ameriprise Financial Services, Suspended Nine Months
Have you lost money with financial advisor Angel Bardeche from Cincinnati, Ohio? We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against Angel Bardeche. FINRA alleged that Angel Bardeche made unsuitable recommendations to 32 customers to switch from Class “A” shares of one mutual fund to another. To settle these allegations, she was suspended from the securities industry for nine months, fined $10,000, and ordered to disgorge $5,000.
“A” shares of mutual funds typically have upfront commissions of 3% to 5%, and Bardeche was recommending that one of his clients exchange these shares on 112 occasions between January 2017 and March 2019, costing these customers about $450,000 in commissions. As such, these clients were paying 3% to 5% commissions on a short term basis, and FINRA alleged that this was excessive and unsuitable.
Angel Wynette Bardeche was a registered representative and financial advisor with Ameriprise Financial Services from August 2012 to May 2019. She worked out of a branch office in Cincinnati, Ohio. Bardeche has been the subject of four customer complaints, and she was also discharged by Ameriprise Financial Services.
Broker-dealers like Ameriprise Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account or switching mutual funds. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; Phoenix, Arizona; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio and throughout the Cincinnati area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Ameriprise Financial Services.
If you have lost money investing with Angel Bardeche or Ameriprise Financial Services, please CONTACT US for a free consultation.
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