Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Jeffrey McHale (McHale), currently employed by Ameriprise Financial Services, LLC (Ameriprise) has been subject to at least three customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), McHale’s customer complaints alleges that McHale recommended unsuitable investments in various investments including allegations of concentrations in biotech stocks and low cap stocks among other allegations of misconduct relating to the handling of their accounts.
In December 2019 a customer complained that McHale violated the securities laws by alleging that McHale made investments recommendations in unsuitable investments including pharmaceutical and biotech stocks while at Ameriprise from 2015 through 2019. The investors also allege that their accounts were overconcentrated and certain transactions were marked unsolicited despite being recommended by respondent advisor. The claim alleges $655,000 in damages and is currently pending.
In December 2018 a customer complained that McHale violated the securities laws by alleging that McHale made investments recommendations in unsuitable investments. The investors allege that respondent recommended a high concentration of equity securities, did not recommend bonds and instead recommended low priced low market cap securities. The claim alleges $180,000 in damages and is currently pending.