Ameriprise Seeks to Quicken Collection Proceedings on Promissory Notes

Posted on July 3rd, 2017 at 10:02 AM
Ameriprise Seeks to Quicken Collection Proceedings on Promissory Notes

From the Desk of Jim Eccleston at Eccleston Law LLC:

Brokerage firms continually attempt to modify their forgivable loan agreements in order to gain an advantage over reps who elect not to pay their promissory note balances when they leave the firm. Often, advisors have defenses to those note collection claims and sometimes they have counterclaims of their own for damages and often relief.  

The latest example of firms trying to gain an edge relates to Ameriprise Financial. Reps contemplating joining Ameriprise need to be aware of a new provision which seeks their agreement to expedite FINRA arbitration proceedings. There are numerous objections to and arguments against this litigation ploy. As a result, reps are encouraged to seek qualified legal counsel to assist them, both in negotiating away this onerous provision but also in attacking it if a rep already has signed that agreement unwittingly. Brokers are urged to seek counsel as significant negative consequences may result from an expedited FINRA proceeding.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Ameriprise, Brokerage Firms, FINRA

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

August 8, 2022
SEC Files Suit Against Georgia Advisor Over Misappropriation of Client Funds

The Securities and Exchange Commission (SEC) is filing suit against a Georgia-based advisor, Christopher Burns, who allegedly misappropriated client funds.

August 5, 2022
SEC Fines RIA $5.8 Million Over 12b-1 Fee Infractions Tied to Wrap Accounts

The Securities and Exchange Commission (SEC) has imposed a $5.8 million fine against Private Advisor Group over 12b-1 fee violations tied to its wrap fee program. 

August 4, 2022
North Dakota Regulators Seek to Close Down Advisory Firm Selling Crypto and Weed Products

The North Dakota Securities Commissioner’s office is seeking to shut down a small West Fargo-based registered investment adviser (RIA) after its owner allegedly violated state securities laws and improperly took custody of $17.8 million in client funds beginning in 2017.