Ameriprise Financial Services, LLC Broker John Coble Has Customer Complaint

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker John Coble (Coble), currently associated with Ameriprise Financial Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Coble recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $5,000.00 on December 16, 2024.

The client alleged the advisor informed him that both he and his wife would receive lifetime income from his TransAmerica Life Insurance Company annuity in March 2008.

Brokers must adhere to securities laws by ensuring they act in their clients’ best interests and offer only appropriate investment recommendations. The SEC has also implemented “Regulation Best Interest (Reg BI)“, which, according to the SEC, strengthens the brokerdealer standard of conduct beyond current suitability obligations, requiring brokerdealers to act in a retail customer’s best interest when recommending any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Brokers must first collect and evaluate sufficient information about a retail investor to reasonably believe that their account recommendations serve the investor’s best interests. Recommendations cannot be based on materially inaccurate or incomplete information. Material information always includes information concerning the investor as well as the cost of the recommendation. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.

In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, a brokerage firm should not depend solely on the issuer for data about a company instead of performing its own thorough review.

Additional, it should be required to mandate broker disclosures for investor’s protection. FINRA requires the broker to disclosure events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent research shows past regulatory and customer complaint issues can indicate future problems for brokers. The Office of the Chief Economist (OCE) at FINRA released a study demonstrating that past disciplinary and disclosure events can indicate the likelihood of future similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.

Coble entered the securities industry in 2001. Coble has been registered as a Broker with Ameriprise Financial Services, LLC since 2018.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.

 

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