Frankowski Firm Investigating Former Ameriprise Broker

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Frankowski Firm Investigating Former Ameriprise Broker

According to FINRA, former Ameriprise Financial Services broker Michael Hainsworth from Florida is the subject of a number of customer complaints, a regulatory sanction, and was discharged from Ameriprise.

Though Hainsworth is no longer licensed to act as a broker or investment adviser, he spent twelve years in the securities industry with Ameriprise in Fort Myers, Florida, as well as Securities America, Prime Capital Services, SunAmerica Securities in Phoenix, Arizona, BB&T Investment Services in Charlotte, North Carolina, and Edward Jones in St. Louis, Missouri.

In 2015, a customer alleged that Hainsworth, while with Ameriprise, recommended an unsuitable investment in the CNL Lifestyle Properties REIT.

In 2014, a customer alleged that Hainsworth, while with Ameriprise, was associated with a non-party advisor who recommended unsuitable investments and misrepresented material facts pertaining to those investments. The complaint settled in 2015 for $122,500.

Also in 2014, FINRA sanctioned Hainsworth, while with Ameriprise, following allegations he sent misleading and unfair emails to public customers about a non-exchange traded real estate investment trust (REIT). Hainsworth was fined $10,000 and suspended from acting as a broker for 30 business days.

In 2013, a customer alleged that Hainsworth, while with Ameriprise, sold her an unsuitable REIT. The complaint settled in 2014 for $52,500.

In 2011, a customer alleged that Hainsworth, while with Prime Capital Services, incorrectly allocated variable annuity sub-accounts. The complaint settled in 2012 for $47,500.

In 2010, a customer alleged that Hainsworth, while with Prime Capital Services, misrepresented the features of a variable annuity. The customer is seeking $35,660 in damages in the pending complaint.

 

If you or someone you know has lost money as a result of an investment, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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