Eric Todd Bilitz, of Indianapolis, Indiana, a stockbroker formerly registered with Ameriprise Financial Services LLC, was the subject of a customer initiated investment related complaint filed on March 8, 2024. The customer requested $8,489.81 in damages, alleging that Bilitz made the unsuitable investment recommendation of a RiverSource Multi-Index policy based on the customer’s needs and financial resources. The customer also alleged misrepresentation of a new AIG SunAmerica annuity in August 2023. On July 3, 2024, the matter was resolved through a settlement in which Ameriprise Financial Services paid $38,989.81 to the customer, with Bilitz contributing $11,500.00 to the settlement.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that on February 21, 2006, a different customer filed an arbitration claim alleging that Bilitz neglected her accounts. The customer sought $33,000.00 in damages. On March 1, 2007, the case was resolved through a settlement in which Ameriprise Financial Services paid $25,700.00 to the customer. NASD Arbitration No. 05-05772.
Another customer initiated investment related dispute was filed on December 22, 1997, regarding Bilitz’s conduct while associated with Gruntal Co., L.L.C. The customers alleged negligence, fraud, churning, and misrepresentation in stock purchases, seeking $50,000.00 in damages. On March 31, 1998, the case was settled, with Gruntal Co. paying $25,375.00 in damages.
Six additional customer initiated investment related disputes were filed about Bilitz between 2007 and 2015, alleging unsuitable recommendations, misrepresentation of insurance premiums, and failure to disclose fees. These disputes, seeking damages ranging from $5,000.00 to $113,000.00, were all denied.
Bilitz was associated with Ameriprise Financial Services LLC from January 12, 2001, to July 22, 2024, as a stockbroker and investment advisor representative. He is currently registered with Vanderbilt Securities LLC and Vanderbilt Advisory Services, both located in Indianapolis, Indiana, as of August 2024, as both a stockbroker and investment advisor representative.
