DID ANGEL WYNETTE BARDECHE CAUSE YOU INVESTMENT LOSSES?
Angel Wynette Bardeche formerly with Ameriprise Financial Services, Inc. Has 4 Customer Complaints for Alleged Broker Misconduct in the Past 2 Years
Who is Angel W. Bardeche formerly with Ameriprise Financial Services, Inc.?
Angel Bardeche (CRD #4698117) who was formerly registered with Ameriprise Financial Services, Inc. and located in Cincinnati, Ohio is a subject of one of our many securities industry sales practice abuse investigations. Prior to Ameriprise Financial Services, Inc., Angel Bardeche was associated with 3 investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Angel W. Bardeche was just suspended and fined by FINRA
A month after our initial Legal Blog post about this stockbroker, we learned that FINRA, just last week, suspended Angel Bardeche for 9 months, fined her $10,000 and ordered her to disgorge $5,000 in commissions she received a result of her alleged misconduct.
The Acceptance, Waiver and Consent agreement, Angel Bardeche signed, without admitting or denying the allegations, includes findings by FINRA that she recommended and the effected an unsuitable “mutual fund switching” investment strategy by recommending that her customers switch in and out of Class A mutual fund shares. This class of mutual fund shares generally pay the highest amount of commissions to stockbrokers. Investments in Class A mutual fund shares are generally intended to be held as a long-term investment. As a result of that inappropriate “mutual fund switching” activity, customers unnecessarily paid over $450,000 in sales charges by following her unsuitable investment strategy recommendations. Further, FINRA found that she exercised discretion, without prior written authorization, in executing over 100 transactions in many customer accounts in violation of NASD Rule 2510(b) and FINRA Rule 2010.
Ameriprise Financial Services, Inc. Broker Misconduct
In her career, Angel Bardeche has been the subject of 4 customer complaints that we know about, all of those complaints were filed in the last two years to recover investment losses. All of Angel Bardeche’s 4 customer complaints were settled in favor of investors. In April 2019 she was terminated by Ameriprise Financial Services, Inc. for her alleged stockbroker misconduct; she reportedly was terminated for “company policy violations related to failing to obtain authorization from clients prior to placing trades and mutual fund trading activity.”
Allegations Against Angel Bardeche
A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:
- The client alleged her former advisor did not explain there was a surrender charge associated with the variable annuity purchased in 2013. The client was reimbursed $8,000 for the annuities surrender charges, and an additional $114,000 related to an unsuitable trading strategy involving mutual funds noted during the firm’s review.
- The client alleged her former advisor did not disclose the surrender charge, or annual fees associated with the variable annuity purchased in 2015. The client was reimbursed $9,927 for the annuities surrender charges and fees, and an additional $41,618 related to an unsuitable trading strategy involving mutual funds noted during the firm’s review.
- The client alleged his former advisor did not disclose that the variable annuity purchased in 2014 had a 10-year surrender period with associated surrender charges for premature liquidations. The client was reimbursed $14,430 for the annuities surrender charges, and an additional $123,847 related to an unsuitable trading strategy involving mutual funds noted during the firm to review.
- The clients alleged their former advisor did not disclose the front-and sales charges associated with recommended mutual fund purchases. The firm settled the case for $68,500.
Angel Bardeche Red Flags & Your Rights As An Investor
Of course, Angel Bardeche did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Angel Bardeche at Ameriprise Financial Services, Inc. on alert to review carefully the activity and performance of their accounts and question whether Angel Bardeche has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Ameriprise Financial Services, Inc. also raises questions about supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At Ameriprise Financial Services, Inc.
If you have questions about Ameriprise Financial Services, Inc. and/or Angel Bardeche and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.