Goodman & Nekvasil P.A., May Recover Investor Losses – Radcliffe Robert Daly (Cliff Daly) a/k/a Radd Daly Suspended from Securities Industry, Permitted to Resign from Ameriprise Financial Services, Inc.
From 2003 until 2013, Cliff Daly was licensed with Ameriprise Financial Services, Inc. Cliff Daly was subsequently licensed with IFS Securities. According to FINRA’s records, Cliff Daly was permitted to resign from Ameriprise Financial Services, Inc. on January 28, 2014. Ameriprise Financial Services, Inc. reported to FINRA that Cliff Daly was terminated for solicitation of equity securities that were not supported by the firm’s approved research providers and for mismarking trade tickets.
Subsequent to Cliff Daly’s resignation from Ameriprise Financial Services, Inc., FINRA investigated Cliff Daly and brought a disciplinary action against Cliff Daly. Cliff Daly consented to a 9 month suspension from the securities and investment banking industry and a $15,000 fine. Cliff Daly also consented to the entry of findings that Cliff Daly mismarked order tickets for solicited transactions as unsolicited. The findings stated that Cliff Daly recommended a penny stock, Sloud, Inc. (SLOU) to numerous customers and Cliff Daly placed 292 buy transactions for 43 customers in the stock, marking 253 of these purchases as unsolicited. According to FINRA, Cliff Daly continued to solicit purchases of the stock and to mark the trades as unsolicited even after being told by Cliff Daly’s member firm that he could not solicit purchases of the stock because it was a penny stock and not supported by Firm research.
The findings also stated that Cliff Daly participated in private securities transactions without providing written notice to Cliff Daly’s firm. According to FINRA, three of Cliff Daly’s customers invested in a private placement of Sloud, Inc. (SLOU) following Cliff Daly’s recommendation. According to FINRA, these transactions were not executed by or reported to Cliff Daly’s firm. In at least one instance, according to FINRA, Cliff Daly helped effectuate the private transaction by transferring funds from the customer’s brokerage account to the issuer. The findings also included that Cliff Daly exercised discretion in the accounts of five customers without obtaining written authorization from the customers and written acceptance of that authorization by Cliff Daly’s firm.
FINRA reports that an arbitration claim was filed involving Cliff Daly’s conduct with Ameriprise Financial Services, Inc., alleging breach of fiduciary duty, misrepresentations and omissions, negligence, and violation of Indiana Securities Laws relating to an unsuitable recommendation to invest in an African mining company, SLOUD/LEON. The claimants further alleged that Cliff Daly over-concentrated their retirement assets in this single, high-risk investment and, as a result, Claimants suffered substantial losses. This arbitration claim did not settle and proceeded to final hearing. The arbitrator found Cliff Daly liable and ordered Cliff Daly to pay compensatory damages to the Claimant.
FINRA also reports that five complaints were filed involving Cliff Daly’s conduct with Ameriprise Financial Services, Inc., with the clients alleging they were not aware Cliff Daly purchased shares of Sloud, Inc. (SLOU) in their investment account. These complaints all settled, with the largest settling for $129,025.57 and $111,111.60.
If you lost any money on investments with Cliff Daly, including Sloud, Inc. (SLOU) you may be able to recover your losses from Ameriprise Financial Services, Inc. and/or IFS Securities. This is because Ameriprise Financial Services, Inc. and IFS Securities had a duty to supervise Cliff Daly.
If you lost money on investments with Cliff Daly, including Sloud, Inc. (SLOU) 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 IFS Securities concerning Cliff Daly’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 $300 million on behalf of victimized investors. If you lost money on investments with Cliff Daly, including Sloud, Inc. (SLOU) 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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