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WARNING! Impending Investigation–DAVID TYSK and AMERIPRISE FINANCIAL SERVICES

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15
Oct

WARNING! Impending Investigation–DAVID TYSK and AMERIPRISE FINANCIAL SERVICES

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David Tysk and Ameriprise Financial Services

We are currently investigating claims against David Tysk and Ameriprise Financial Services.  David Tysk is a Minneapolis, Minnesota-based financial advisor for Ameriprise.  FINRA (the Financial Industry Regulatory Authority) recently fined Tysk $50,000, as well as Ameriprise for $100,000, for altering documents that were part of a FINRA arbitration proceeding.

A former customer of Tysk filed a complaint against him and Ameriprise during 2008, complaining of variable annuities that Tysk recommended to the customer and alleging that they were unsuitable for him.  After the arbitration claim was filed, Tysk made at least 54 entries in his note system (many of which were completely new entries) and then back-dated the notes by three years to make them appear to be contemporaneous with the time that Tysk made the recommendations to the customer.

During the discovery phase of the arbitration, the customer believed that the notes seem too-well-tailored to Tysk’s defenses and asked to examine Tysk’s computers.  The arbitrators allowed the customer to view the computers, and it was discovered that Tysk had altered his notes and tried to hide this.  It was also found that Ameriprise became aware of the alterations but did not disclose them to the customer.  The arbitration panel found in favor of the customer for $466,000, and the panel also referred Tysk and Ameriprise to FINRA Member Regulation for violation of FINRA Rules.  After FINRA’s investigation, it fined Tysk $50,000 and Ameriprise $100,000.

David Tysk is a financial advisor and registered representative of Ameriprise Financial Services from 1987 to the present.  Besides the complaint at issue, Tysk has been the subject of at least two other customer complaints.

Broker-dealers like Ameriprise have a duty to supervise the conduct of their financial advisors.  If a broker-dealer like Ameriprise fails to adequately supervise their advisors and representatives, the broker-dealer may have liability for customer losses.  Our attorneys have represented numerous investors against Ameriprise.  Our attorneys have also represented numerous investors who have lost money in variable annuities.  If you have lost money through David Tysk or Ameriprise and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.

Click here to view David Tysk FINRA AWC:  Tysk FINRA AWC

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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