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Rabinder Deshmukh, of Miami, Florida, a stockbroker with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim from March 18, 2016, in which customers requested $9,000,000.00 in damages based upon allegations that Deshmukh made unsuitable investment recommendations to the customer, which included overconcentrating the customers’ assets in risky investments.
FINRA Public Disclosure reveals that Deshmukh has been named in three additional customer arbitrations. Specifically, on March 1, 2012, customers were awarded $329,732.47 in damages according to an investment related arbitration claim involving Deshmukh’s activities, based upon allegations including breach of fiduciary duty, unsuitability, misrepresentations and omissions, churning, and fraud. The claimants indicated that they were victims of a scheme perpetrated by Deshmukh and other individuals which involved the utilization of excessive trading and margin calls for purposes of raking in substantial fees, mark-ups, and other commissions.
Subsequently, on June 11, 2012, another customer was awarded $14,500.00 according to an investment related arbitration action concerning Deshmukh’s conduct, based upon allegations of unauthorized trading pertaining to the customers’ margin account. On November 21, 2013, a customer was awarded $14,999.00 in damages according to an investment related arbitration claim, based upon allegations that Deshmukh facilitated a pump and dump scheme, traded excessively in the customers’ account, and excessively utilized the customers’ margin.
Since 2007, Deshmukh has been associated with three different broker dealers, one of which has been expelled by securities regulators for violation of federal securities laws or is otherwise defunct.

Guiliano Law Group

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