Edward Dougherty Disclosures
Edward Dougherty has 4 disclosures on his publicly-available FINRA BrokerCheck report, including 2 financial, 1 employment separation after allegations, and 1 customer dispute:
June, 2014: A financial disclosure states only that a compromise was reached and a disposition of “Satisfied/released” is entered.
April, 2012: A financial disclosure states that a compromise with a creditor was reached.
January, 2007: An “Employment Separation After Allegations” disclosure states that Dougherty voluntarily resigned from Ameriprise over allegations that he was not timely in updating outside business disclosure. Dougherty commented “In 2003 I began brokering group and voluntary group insurance products outside of American Express/Ameriprise product lines. At that time, I disclosed this in writing to Ameriprise and updated my O.B.A. It is within Ameriprise guidelines. In November of 2006 I brokered a group term life insurance contract. This activity does not compete with Ameriprise Financial, create the potential of a conflift of interest, nor interfere with my ability to provide effective service to clients and Ameriprise. Thus this activity does not violate Ameriprise O.B.A. policy. It remains my believe the scope of my involvement in this O.B.A. has not changed therefore completion of my O.B.A. disclosure was not required more than annually. My Ameriprise registered principal believed the sale of this product required me to update my O.B.A. disclosure form “promptly” which is defined by Ameriprise as being within five calendar days. I disclosed the activity in approximately fourteen calendar days. As a result my RP requested an investigation be conducted. I have fully complied. I have provided documentation to Woodbury Financial. This matter had no influence or bearing on my decision to change B.D.S., nor would it have prevented me from continuing to work at Ameriprise had I chosen to do so. I discussed the issue with my field vice president at Ameriprise, [third party] on Tuesday, December 19, 2006. [Customer] agreed it is a minor issue, and stated it would not result in a negative U5 being filed. I request that it not delay my temporary registration with Woodbury Financial. Thank you.”
March, 2001: A customer dispute alleged that annuity and mutual fund products she was sold were unsuitable, too risky, and do not meet her liquidity needs. $6,464 in damages were requested and the claim was denied.
Unsuitable Investment Advice
The customer dispute against Dougherty alleges unsuitable investment advice. Unsuitable investment advice is one of the most common complaints customers make against their brokers or advisers in FINRA arbitration claims. Investors are often not as informed or sophisticated as their advisers and brokers, so they rely on them to give suitable advice.
Registered persons are required to know their customers and recommend suitable investments based on their knowledge of their age, risk tolerance, and liquidity needs. Brokers may ignore their client’s needs to sell them higher commission, unsuitable investments. If you have losses due to unsuitable investment advice, you may have a claim to recover those losses.
Did You Invest With Edward Dougherty?
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