Jack Alan Quick of New Home Minnesota a stockbroker formerly employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $214,180.00 in damages supported by accusations that (1) Quick made investment recommendations to the customer that were not suitable regarding variable annuities, variable life insurance, mutual funds, and real estate investment trusts and (2) Quick negligently managed the customer’s investment accounts by recommending products which produced high commissions for Quick or the firm. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01775 (May 9, 2018).
FINRA Public Disclosure confirms that Quick is referenced in three more customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Ameriprise Financial Services and American Express Financial Advisors. Particularly, on December 31, 2003, a customer initiated investment related complaint concerning Quick’s activities was settled to resolve accusations that the customer was not provided information about the sales loads pertaining to mutual funds purchased for the customer’s brokerage account.
Thereafter, on March 19, 2009, a customer initiated investment related civil action brought in the Fourth Judicial District Court in Hennepin County, Minnesota that involved Quick’s conduct was settled for $9,999.00 in damages founded on allegations that Quick failed to ensure that the tax advisor Quick recommended for the customers had effectively prepared the customers’ taxes, causing the customer to incur unwarranted tax consequences. On October 11, 2013, another customer filed an investment related complaint regarding Quick’s activities in which the customer requested $12,731.42 in damages based upon accusations of the misrepresentation of information about the customer’s insurance premiums on a variable universal life insurance policy in addition to two indexed universal life policies.
FINRA Public Disclosure also reveals that Quick has twice been subject of regulatory actions concerning allegations of his misconduct. For example, Quick was fined $2,500.00 by the Minnesota Department of Commerce based upon Quick’s consent to findings that he issued a check without having sufficient funds available to settle a customer’s complaint. Case No. 32957 (Apr. 30, 2015).
Quick was then fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Quick resolved a customer’s complaint away from the firm. Letter of Acceptance Waiver and Consent No. 2015044165401 (July 28, 2016).
According to the AWC, Quick made recommendations for customers PG and PG to each buy a RiverSource Indexed Universal Life Insurance Policy. Apparently, those policies contained a ten year surrender period. Over a year after the purchase, in July of 2013, PG and PG complained about the policy and sought to surrender them. The AWC stated that Quick made arrangements to compensate the customers to resolve the complaint; however, Quick never informed Ameriprise Financial Services in the process. Consequently, FINRA found that Quick’s conduct was violative of FINRA Rule 2010.
Investors also need to be quick,
Under the federal securities laws, all such claims must be brought within two (2) years from the date of discovery of any such claim, or five (5) years from the date of the occurrence of the events giving rise to the claim(s), whichever is shorter. Under State law, all claims for common law fraud, breach of fiduciary duty, or other tort claims, generally must be brought within two (2) years of the date of discovery upon the exercise of reasonable diligence.
Quick’s registration with Ameriprise Financial Services Inc. was terminated on July 8, 2015.
