Goodman & Nekvasil P.A., May Recover Investor Losses – Andrew Joseph Hall (Andrew Hall) Licensed with Ameriprise Financial Services, Inc.
Andrew Hall has been licensed with Ameriprise Financial Services, Inc. since 2009. FINRA reports that an arbitration claim involving Andrew Hall’s conduct with Ameriprise Financial Services, Inc. was filed, alleging mishandled accounts, negligence, breach of fiduciary duty, violation of Oregon securities laws and applicable regulation laws, unsuitability, and failure to supervise relating to Unit Investment Trust. This case did not settle and proceeded to final hearing.
The arbitration panel found that Andrew Hall’s overall strategy was unsuitable. Andrew Hall took Claimants’ asset allocation to 100% equities, from 70%. The findings state that, accounting for expected margin leverage, this amounted to 133% equity exposure. The arbitration panel found that Andrew Hall compounded leverage by investing in UITs comprised of closed-end funds (“CEF”), many of which used leverage as a component of their strategy. The arbitration panel found that this further increased Claimants’ equity exposure. The findings state that UITs were less liquid due to high costs, and CEFs were more volatile than comparable investments in similar asset classes. The findings state that Andrew Hall compounded the unsuitability in February 2015, by selling the original UITs and placing fully 50% of Claimants’ portfolio in a single sector, which was tightly linked to oil prices-UITs of CEFs of master limited partnerships. The findings state that the balance of the portfolio was invested in an unsuitable UIT, which was not well-diversified because it held only 12-13 individual stocks. The findings state that the strategy was unsuitable for asset preservation and liquidity needs. The arbitration panel determined that Andrew Hall and Ameriprise Financial Services, Inc. were jointly and severally liable and ordered Andrew Hall and Ameriprise Financial Services, Inc. to pay the Claimants $191,772 in compensatory damages.
If you lost any money on investments with Andrew Hall, you may be able to recover your losses from Ameriprise Financial Services, Inc. This is because Ameriprise Financial Services, Inc. had a duty to supervise Andrew Hall.
If you lost money on investments with Andrew Hall 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. concerning Andrew Hall’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 and Nekvasil has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Andrew Hall 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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