Geraldine Gordon of Lexington Kentucky a stockbroker currently associated with Ameriprise Financial Services Inc. has been referenced in a customer initiated investment related complaint on December 10, 2018 in which the customer requested $149,980.77 in damages supported by allegations that closed end mutual fund recommendations made by Gordon failed to be suitable for the Ameriprise Financial Services customer and that the customer’s investment instructions pertaining to mutual funds had been disregarded resulting in the customer’s losses.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Gordon has been referenced in seven more customer initiated investment related disputes concerning accusations of her improprieties when she was associated with American Express Financial Advisors and Ameriprise Financial Services.
A customer initiated investment related arbitration claim concerning Gordon’s activities has been resolved for $19,500.00 in damages based upon accusations that the customer’s account was mismanaged during the time that Gordon was associated with American Express Financial Advisors. According to the claim, transactions effected by Gordon were not properly supervised. A fiduciary duty that was owed to the customer had been breached. Transactions were allegedly effected without customer approval. The claim also alleges that the customer was poorly advised by Gordon and that misrepresentations or omissions had been made about commissions and fees.
On April 1, 2017, another customer initiated investment related arbitration claim involving Gordon’s conduct was settled for $170,000.00 in damages based upon allegations that bad alternative investments including master limited partnerships and real estate securities had been recommended by Gordon when she was associated with Ameriprise Financial Services. FINRA Arbitration No. 16-01179. The claim alleges that the customer had been placed into Tekla World Healthcare Fund and Clearbridge American Energy MLP Fund as well as Neuberger Berman Master Limited Partnership Fund Inc. and Chamber Street Properties Real Estate Investment Trust.
FINRA Public Disclosure confirms that Gordon has been fined $7,500.00 and suspended from associating with any FINRA member in any capacity based on findings that she failed to have an adequate basis to conclude that her master limited partnership investment recommendation was suitable for a customer in view of the recommended investment amount constituting a large portion of the customer’s net worth. Letter of Acceptance Waiver and Consent No. 2016049353501 (June 9, 2017).
According to the AWC, the customer had been advised to sell investments held in an individual retirement account and brokerage account to invest $334,000.00 in a master limited partnership. The customer acted on Gordon’s request which resulted in the customer’s assets no longer being diversified. Half of the customer’s net worth was concentrated in the energy sector because of Gordon. The stockbroker’s failure to consider the customer’s financial condition rendered her advice unsuitable in violation of FINRA Rules 2111 and 2020.
Gordon has been associated with Ameriprise Financial Services since December 13, 1994.
