Securities Arbitration Lawyers BlogUtah-based Ameriprise Broker Kim Isaacson Under Investigation For Fraudulent Misrepresentation & Unauthorized Trading
Kim D. Isaacson
CRD#855618
Silver Law Group is investigating former Midvale, Utah based Ameriprise Financial Services, Inc broker Kim D. Isaacson after FINRA received a complaint of fraudulent misrepresentation, omission of material facts and unauthorized trading
According to FINRA’s BrokerCheck report on Clarke, a complaint alleging misrepresentation and omission of material facts was received in June of 2017. The complaint alleged that Isaacson repeatedly and blatantly misrepresented the value of the customers’ accounts and trading activity supposedly taking place. By 2014 the customer believed that their account was worth $3.1 more than its actual current value. When the customer discovered this misrepresentation, Isaacson allegedly attempted to settle with the customer outside of the firm and FINRA. The complaint also alleged unauthorized trading with over 300 trades executed without the customers consent.
In July of 2017, FINRA indefinitely suspended Isaacson for willfully violating Section 10b of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
Isaacson was employed by Ameriprise Financial Services from 2014-2017 at their Midvale, UT location.
Among other investment tenets, brokers are required to recommend suitable investments to their clients. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
The misrepresentation or omission of material facts concerning investment recommendations by a brokerage firm and its representatives may be a cause of action in a FINRA arbitration claim for damages. There are two types of misrepresentations and omissions; those that are fraudulent and those that are negligent.
Misrepresentations often occur during the offering process or prior to investing in a particular product. Misrepresentation can vary in appearance and, if made intentionally, are often times made in order to induce an unwitting investor to invest. An example of a misrepresentation can include promises of high dividends or that the company of the underlying investment will go public in a year.
If proven, an intentional misrepresentation can have serious consequences, as it is a violation of Rule 10b-5 of the Securities Exchange Act of 1934.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Kim D Isaacson and Ameriprise Financial Services and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.