Tom Gilliam Parks, Jr., of Stephenville, Texas, a stockbroker formerly registered with Ameriprise Financial Services, Inc., has been named in a customer initiated investment related arbitration claim on January 19, 2017, in which the customer requested $180,000.00 in damages based upon allegations that Parks made unsuitable investment recommendations and misrepresentations to the customer concerning oil and gas master limited partnerships.
Financial Industry Regulatorily Authority (FINRA) Public Disclosure reveals that Parks has been named in nineteen additional customer initiated investment related disputes containing allegations of Parks’ misconduct while employed with Ameriprise Financial Services, Inc. In particular, on February 24, 2016, a customer initiated investment related arbitration claim involving Parks’ conduct was settled for $70,000.00 in damages based upon allegations that Parks made misrepresentations and investment recommendations which were unsuitable concerning master limited partnerships, non-proprietary mutual funds, exchange traded funds, and a variable annuity investment.
On February 12, 2016, a customer initiated investment related written complaint regarding Parks’ activities was resolved for $50,000.00 in damages based upon allegations that Parks made unsuitable mutual fund, oil and gas, and real estate security investments, and failed to communicate with the customers concerning investment losses.
Between October 5, 2015, and January 10, 2017, fifteen customer initiated investment related disputes regarding Parks’ conduct were filed, based upon allegations which include unsuitability, misrepresentation, negligence, breach of fiduciary duty, and fraud in connection with products including master limited partnerships, variable annuities, non-proprietary mutual funds, real estate investment trusts, business development companies, and variable universal life insurance policies. The customers have collectively requested $3,371,502.00 in damages.
On April 1, 2016, Parks’ registration with Ameriprise Financial Services, Inc. was terminated based upon allegations that Parks violated the firm’s policies concerning customer disclosures and suitability.
Guiliano Law Group
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