Securities Lawyers Blog
The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Nicholas Stamatis (Stamatis), currently employed by Ameriprise Financial Services, LLC (Ameriprise) has been subject to at least one customer complaint during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Stamatis’s most recent customer complaint alleges that Stamatis recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts.
In April 2024 a customer complained that Stamatis violated the securities laws by alleging that Stamatis recommended unsuitable investments of variable annuities and structured notes. The claim alleges $80,000 in damages and is currently pending.
Structured products are a class of derivative products that derive their performance from market linked data. A structured product generally references a source against which market risk is taken. The source can be a single security, a basket of securities such as a market index, commodities, interest rates, or a real estate loan portfolio. The variety of products that can be structured demonstrates the difficulty in formulating a single unified definition of a structured product.