Goodman & Nekvasil P.A., May Recover Investor Losses – Bart James Ellis (Bart Ellis) Fired by Ameriprise Financial Services, Inc. and Barred from Securities Industry
From 2009 until Bart Ellis’ firing in 2012, Bart Ellis was licensed with Ameriprise Financial Services, Inc. According to FINRA’s records, Bart Ellis was fired by Ameriprise Financial Services, Inc. on October 8, 2012. Ameriprise Financial Services, Inc. reported to FINRA that Bart Ellis was terminated for company policy violations relating to accepting transaction requests and the use of discretion.
Subsequent to Bart Ellis’ firing by Ameriprise Financial Services, Inc., FINRA investigated Bart Ellis and brought a disciplinary action against Bart Ellis. Bart Ellis was barred from the securities and investment banking industry by the Financial Industry Regulatory Authority (FINRA) on April 7, 2015. FINRA reports that the sanction was based on findings that Bart Ellis exercised discretion in a customer’s account at Bart Ellis’ member firm without written authorization. The findings stated that Bart Ellis falsified customer account documents. According to FINRA, when Bart Ellis learned that Bart Ellis’ customer had told Bart Ellis’ firm that Bart Ellis entered trades for her without prior discussion, Bart Ellis created entries in a computerized log of telephone conversations. According to FINRA, the entries falsely reflected telephone calls with Ellis’ customer, reflecting that she authorized transactions in her account. The findings also stated that Bart Ellis failed to appear and provide testimony to FINRA or otherwise respond to the requests.
FINRA reports that an arbitration claim was filed involving Bart Ellis’ conduct with Ameriprise Financial Services, Inc., alleging violation of FINRA Rules 2010 and 2020, violation of the Illinois Consumer Fraud Act and Illinois Securities Law, negligence, breach of fiduciary duty, failure to supervise, controlling person liability, and respondeat superior relating to various exchange traded funds and shares of stock. This arbitration claim did not settle and proceeded to final hearing. The arbitrator found Ameriprise Financial Services, Inc. and Bart Ellis jointly and severally liable and ordered them to pay the claimant compensatory damages.
FINRA also reports that two complaints and/or arbitration claims involving Bart Ellis’ conduct with Ameriprise Financial Services, Inc. were filed, with the claimants alleging unauthorized and excessive transactions, that investments were inappropriate and excessively traded causing investment losses and/or that after Bart Ellis left Ameriprise Financial Services, Inc. and registered with Merrill Lynch, the Claimant invested $905,000 in fraudulent, non-existent CDs. These two complaints and/or arbitration claims both settled, with the largest settling for $112,500.
If you lost any money on investments with Bart Ellis, 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 Bart Ellis.
If you lost money on investments with Bart Ellis and believe 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 Bart Ellis’ 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 $300 million on behalf of victimized investors. If you lost money on investments with Bart Ellis 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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