WARNING! Impending Investigation–CLIFF DALY and AMERIPRISE FINANCIAL SERVICES
Radcliffe “Cliff” Daly and Ameriprise Financial Services
Have you lost money with financial advisor Radcliffe “Cliff” Daly from Granger, Indiana? We are currently investigating claims made against Daly by FINRA, the Financial Industry Regulatory Authority. FINRA alleges that from May 2013 to November 2013, Cliff Daly mismarked a number of trades as being “unsolicited” (i.e., the customer’s idea) when in fact the trades were “solicited” (i.e., the broker’s idea). Daly recommended that a number of his clients invest in a penny stock called Sloud, Inc. (ticker symbol SLOU, now known as Leon Asset Management Inc.). According to FINRA, in June 2013, Daly’s firm, Ameriprise Financial Services, informed him that he could no longer solicit trades of Sloud Inc., but Daly continued to do so and instead marked these trades as “unsolicited”.
Radcliffe Daly also solicited three clients to invest in a private placement of Sloud Inc., without permission from Ameriprise, in violation of FINRA rules. Daly was also alleged to have made unauthorized trades in customers’ accounts, also in violation of FINRA rules. Because of this conduct, FINRA suspended Daly from the securities industry for 9 months and fined him $15,000. The value of Sloud Inc. went from a high around $5.36 per share during 2013 to its now current low of $0.05 per share. Investors who continue to hold onto these share have had the value of their investment nearly wiped out.
Radcliffe Daly was a financial advisor and registered representative of Ameriprise Financial Services from 2003 to January 2014. He was “permitted” to resign by Ameriprise in January 2014 over this conduct. Daly was also the subject of at least five customer complaints, all of which allege issues with the purchase of Sloud Inc. stock.
Broker-dealers like Ameriprise 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, as well as internal firm policies. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Our attorneys have previously represented investors all over the country, including investors in Indiana. Our firm has offices in Denver and the Seattle-area, but we continue to represent investors throughout the U.S. We have also previously represented investors who were customers of Ameriprise. If you have lost money with Radcliffe “Cliff” Daly, Ameriprise, or Sloud Inc. and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.
Click to view FINRA AWC regarding Radcliff Daly: Daly FINRA AWC
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