Ameriprise Loses Promissory Note Case

Posted on September 30th, 2015 at 9:53 AM
Ameriprise Loses Promissory Note Case

From the Desk of Jim Eccleston at Eccleston Law LLC:

Ameriprise Financial Services sought to recover unpaid promissory note balances dating back to February of 2009 and 2010 following the rep’s termination of employment in March of 2012. Ameriprise sought approximately $62,000 on the notes, along with interest, attorneys’ fees, and costs.

The broker denied the allegations and submitted a counterclaim asserting claims including wrongful termination, breach of contract, fraud and business relationship interference. FINRA BrokerCheck records state that the advisor’s termination from Ameriprise was due to company policy violations including conducting prohibited activities.

Further, the rep alleged that following his employment, Ameriprise’s back office incorrectly processed his transfer paper work, causing a delay in his ability to handle accounts and build a book of business. He also claimed that Ameriprise’s constant promotion of insurance products to clients interfered with his work, and thus cost him clientele. In his final allegation, he stated that constant technology and software failures caused his loss of client communication, accounts, and income. He sought $475,000 in compensatory damages along with the expungement of his Form U5.

Ultimately, the FINRA Arbitration Panel denied Ameriprise’s claims, and the rep’s counterclaims and expungement request. Effectively, the panel valued his counterclaims as being approximately $ 62,000.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, Ameriprise Financial Services, FINRA, Brokercheck

Return to Archive



We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.