Jack B. McBride (Jack McBride) Suspended from Securities Industry and Fired by Ameriprise Financial Services, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses on ETFs

Goodman & Nekvasil P.A., May Recover Investor Losses on ETFs - Jack B. McBride (Jack McBride) Suspended from Securities Industry and Fired by Ameriprise Financial Services, Inc.

From 2009 until Jack McBride’s firing in 2014, Jack McBride was licensed with Ameriprise Financial Services, Inc. Jack McBride is now licensed with Wunderlich Securities, Inc. According to FINRA’s records, Jack McBride was fired by Ameriprise Financial Services, Inc. on August 1, 2014. Ameriprise Financial Services, Inc. reported to FINRA that Jack McBride was fired for violation of company policy related to settlement in the field and solicitation of prohibited securities.

Following Jack McBride’s firing by Ameriprise Financial Services, Inc., FINRA investigated Jack McBride and brought a disciplinary action against Jack McBride. Jack McBride consented to a 40 day suspension from the securities and investment banking industry and a $12,500 fine. Jack McBride also consented to findings that Jack McBride settled a customer complaint without notifying Jack McBride’s member firm. FINRA reports that rather than reporting the customer complaint to the firm, Jack McBride wrote four checks to the customer from Jack McBride’s personal account, totaling $12,845.86, to reimburse the customer for the margin interest charges he complained about. According to FINRA, Jack McBride did not disclose the customer’s complaint, or the payments Jack McBride made to the customer to the firm until after the customer complained directly to the firm. The findings also stated that Jack McBride sent 14 emails to the customer listing account balances that were overstated from approximately $200,000, to as high as $570,000 more than the actual value of the accounts, which averaged around $3.9 million.

FINRA reports that upon request from the customer, Jack McBride agrees to provide summaries of account values to supplement the account statements the customer received monthly from Jack McBride’s firm. According to FINRA, Jack McBride created an excel spreadsheet that was supposed to reflect all activity in the accounts and Jack McBride or his assistant maintained the spreadsheet themselves, inputting transactions as they occurred. FINRA reports that at some point, the account values reflected on the spreadsheet became inflated due to inadvertent errors made by Jack McBride or Jack McBride’s assistant, including a failure to remove some positions after they were sold and a failure to account for certain reverse stock splits. FINRA reports that in addition, Jack McBride did not account for the margin balance and interest charges discussed above. According to FINRA, Jack McBride did not detect the inflated values in the spreadsheet. The findings also included that in connection with non-traditional exchange-traded funds, which were prohibited by Jack McBride’s firm, Jack McBride mismarked order tickets as unsolicited when the transactions were in fact solicited.

According to FINRA’s records, two arbitration claims have been filed involving Jack McBride’s conduct with Ameriprise Financial Services, Inc. These arbitration claims allege unsuitability and/or other allegations relating to ETFs and/or other investments. These two arbitration claims settled for $290,000 and $100,000.

If you lost any money on ETFs and/or other investments with Jack McBride, you may be able to recover your losses from Ameriprise Financial Services, Inc. and/or Wunderlich Securities, Inc. This is because Ameriprise Financial Services, Inc. and Wunderlich Securities, Inc. had a duty to supervise Jack McBride.

If you lost money on ETFs and/or other investments with Jack McBride and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Ameriprise Financial Services, Inc. and/or Wunderlich Securities, Inc. concerning Jack McBride’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on ETFs and/or other investments with Jack McBride and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.   

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