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Ex-Ameriprise Financial Broker Bardeche Fined, Suspended by FINRA

By February 10, 2021Stock Broker

Former Ameriprise Financial broker Angel W. Bardeche was recently fined and suspended by the Financial Industry Regulatory Authority (“FINRA”) for alleged generating around $450,000 in commissions from unsuitable trading in client accounts over two years.

Bardeche, who was based in Cincinnati, Ohio, agreed to a nine-month suspension from the industry and a $10,000 fine, as stated in the FINRA Letter of Advice, Waiver and Consent.

According to FINRA, between January 2017 and March 2019, the broker recommended 112 short-term “switches” or trades of Class A mutual funds in 32 customer accounts. Class A funds have large up-front sales charges.

FINRA also stated that Bardeche made 109 trades in eight non-discretionary customer accounts without prior authorization during this same two-year period.

Fishman Haygood attorneys bring claims on behalf of investors who have suffered portfolio losses caused by broker and/or financial advisor conduct, including unauthorized trading, churning, and other prohibited activity.

If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Please contact us to discuss your potential claim.

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