Joseph Peter Colell Jr. of Westborough Massachusetts a stockbroker formerly employed by Ameriprise Financial Services Inc. has been discharged by the firm on July 20, 2018 based upon allegations that Colell violated the firm’s conduct policies.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Colell has been identified in five customer initiated investment related disputes containing accusations of his violative conduct during the time that he was associated with LPL Financial LLC. Specifically, a customer initiated investment related civil action involving Colell’s activities was settled for $250,000.00 in damages founded on allegations that investments were executed in the customer’s account that were not suitable for the customer. Civil Action No. 94-4425H.
On March 20, 2013, another customer filed an investment related complaint involving Colell’s activities where the customer sought damages estimated to exceed $5,000.00 supported by accusations that the customer was induced to purchased alternative investments based on misrepresentations. Then, a customer initiated investment related arbitration claim concerning Colell’s conduct was resolved for $87,500.00 in damages based upon allegations that misrepresentations had been made to the customer, and the customer was placed in alternative investments, including real estate investment trusts and limited partnerships, that were in no way suitable for the customer. FINRA Arbitration No. 12-03527 (Jan. 13, 2014).
Additionally, a customer initiated investment related arbitration claim involving Colell’s activities was settled for $98,000.00 in damages founded on accusations of sales practice violations including misrepresentation and suitability in reference to the customer’s limited partnership and REIT purchases. FINRA Arbitration No. 13-00763 (Jan. 13, 2014). On January 2, 2016, another customer filed an investment related complaint concerning Colell’s conduct in which the customer requested damages estimated to exceed $5,000.00 supported by allegations that the customer was provided phony information concerning the refundability of an investment in LEAF Equity Appreciation Fund LP.
Since August 27, 2018, Colell has been associated with Spire Securities, LLC.
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