Stephen John Caruso, of New York, New York, a stockbroker registered with Ameriprise Financial Services, has been fired from his job on May 27, 2016, based upon allegations that he committed numerous violations of the firm’s policies. Apparently, Caruso’s faulty conduct involved exercising discretion in a customer’s account despite the account not having been approved for discretionary trading, and effecting authorizing options trades.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Caruso has been identified in seven additional customer initiated investment related disputes containing allegations of his wrongdoing while employed with Wachovia Securities, LLC and Ameriprise Financial Services, Inc. Particularly, on June 29, 2009, a customer filed an investment related arbitration claim involving Caruso’s conduct, in which the customer sought $30,000.00 in damages based upon allegations that Caruso failed to abide by the customer’s investment instructions.
Afterward, on August 21, 2009, a customer filed an investment related written complaint regarding Caruso’s activities, wherein the customer requested $10,758.66 in damages based upon allegations that Caruso effected unsuitable transactions in the customer’s account and utilized the customer’s margin in an unauthorized manner. Further, on June 22, 2016, a customer initiated investment related written complaint regarding Caruso’s activities was resolved for $92,822.25 in damages based upon allegations that he failed to properly explain the terms and conditions of a RAVA5 Advantage Variable Annuity issued by RiverSource Life Insurance Company.
Caruso has also been the subject of a customer initiated investment related arbitration claim on January 24, 2017, which settled for $135,000.00 in damages supported by allegations that Caruso effected unauthorized options transactions in the customer’s account from December of 2015 to March of 2016. The customer additionally alleged that Caruso placed the customer’s individual retirement account assets into a variable annuity; a transaction the customer claimed was not suitable for her.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
