James Richard Tuberosa of Sun City Center Florida a stockbroker employed by Ameriprise Financial Services Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $700,000.00 in damages based upon allegations that the customer’s assets had been mishandled wherein options and equities transactions had been inappropriately traded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01197 (Apr. 5, 2018).
FINRA Public Disclosure confirms that Tuberosa is referenced in thirteen additional customer initiated investment related disputes containing accusations of his misconduct during the period that he was employed by Ameriprise Financial Services, Inc., H&R Block Financial Advisors, Inc., Palm State Equities, Inc., and Wachovia Securities, LLC. Specifically, a customer initiated investment related arbitration claim involving Tuberosa’s conduct was settled for $19,998.00 in damages founded on allegations that included suitability, violation of National Association of Securities Dealers (NASD) Rules; violation of Securities Exchange Act of 1934 Section 10b-5.; violation of Florida Statutes Chapter 517; negligence; and breach of fiduciary duty. NASD Arbitration No. 99-04939 (Jan. 22, 2001).
Then, on August 12, 2009, a customer initiated investment related complaint regarding Tuberosa’s activities was resolved for $9,900.00 in damages supported by accusations that omissions of reverse convertible security information had been made to the customer and an unsuitable transaction had been placed in the customer’s account. On April 27, 2010, another customer initiated investment related complaint involving Tuberosa’s conduct was resolved for $55,000.00 in damages based upon allegations of negligence, unauthorized trading, improper margin use, breach of fiduciary duty, breach of contract, excessive trading, suitability and misrepresentation. On December 20, 2010, a customer initiated investment related complaint concerning Tuberosa’s activities was resolved for $60,000.00 in damages founded on accusations that Tuberosa poorly advised the customer pertaining to reverse convertible notes.
Thereafter, a customer initiated investment related arbitration claim concerning Tuberosa’s conduct was settled for $115,000.00 in damages supported by allegations that unsuitable mutual fund, unit investment trust and reverse convertible notes recommendations had been made to the customer. FINRA Arbitration No. 10-00838 (Mar. 8, 2011). Apparently, the customers had not been provided adequate information about the risks of those investments. Tuberosa is also the subject of a customer initiated investment related arbitration claim where the customer requested $15,275.05 in damages based upon accusations that an insurance rider was inappropriately selected for the customer’s RiverSource RAVA5 Advantage Annuity.
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