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.