Ameriprise Financial Services, Inc. and David Bradley Tysk – Boca Raton, Florida FINRA Investment Suitability and Breach of Fiduciary Duty Arbitration and Litigation Attorney:
Ameriprise Financial Services, Inc. (CRD® #6363, Minneapolis, Minnesota) and David Bradley Tysk (CRD #1782289, Eden Prairie, Minnesota). The firm was censured and fined $100,000. Tysk was fined $50,000 and suspended from association with any FINRA® member in any capacity for three months. The sanctions were based on findings that Tysk altered computer notes of customer contacts after the customer complained about the suitability of a recommendation. The findings stated that Tysk knew or should have known the importance of customer-related notes in the event of complaints. Tysk’s concealed alterations of his notes did not comply with the clear import of the document-retention policies in the firm›s code of conduct. Tysk failed to inform the firm of the alterations when he provided a copy of the notes to be produced in discovery during an arbitration proceeding. The customer became suspicious of the notes and requested further discovery to determine whether the notes had been altered after he lodged his complaint with the firm. The firm and Tysk opposed the requests. In a meeting to prepare for the arbitration hearing, Tysk finally disclosed to the firm that he had altered the notes. Despite knowing that Tysk had altered the notes, the firm failed to inform the customer that a copy of computer notes of customer contacts produced during discovery had been altered. The firm asked Tysk to search his computer for evidence of the edits, but did not take any additional steps to locate previous versions of the notes. The firm also failed to produce an exception report during discovery as required. Just before the hearing, the firm found an exception report relevant to the customer’s claim, which it should have provided months earlier. As soon as it could, the firm turned it over to the customer. At the conclusion of the arbitration hearing, the firm and Tysk were sanctioned for violating arbitration discovery rules. Tysk has appealed this matter to the National Adjudicatory Council (NAC) and the sanctions imposed against him are not in effect pending review. The decision, as it relates to Ameriprise Financial Services, is final. (FINRA Case #2010022977801).
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of elder abuse, exploitation and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.
At the Boca Raton Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.