Richard Paul Martin of Goshen New York a stockbroker currently registered with Ameriprise Financial Services LLC is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $330,430.00 in damages based on accusations of the customer being sold unsuitable investments including non-traded real estate investment trusts, annuities and insurance products by Martin while he was associated with Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01169 (May 7, 2021). The claim also alleges that false information about required distributions had been provided to the customer by Martin.
Martin has been identified in six additional customer initiated investment related disputes regarding allegations of his wrongdoing when employed by Ameriprise Financial Services and American Express Financial Advisors. FINRA Public Disclosure reveals that a customer initiated investment related complaint involving Martin’s conduct was resolved for $7,500.00 in damages founded on accusations of an unsuitable annuity transaction given the customer’s intentions of investing in secure and safe products through American Express Financial Advisors.
Another customer filed an investment related complaint concerning Martin’s activities in which the customer requested $19,103.04 in damages supported by allegations that they were not provided with information about the penalties for executing distributions from their annuity. Martin is also the subject of a customer initiated investment related written complaint where the customer sought $56,708.95 in damages based upon accusations of unsuitable real estate investment trust, variable annuity, and variable life insurance purchases given the customer’s situation and age.
On April 25, 2016, another customer initiated investment related complaint regarding Martin’s conduct was settled to resolve allegations of unsuitable REIT and RiverSource annuity purchases through Martin at Ameriprise Financial Services. The stockbroker is also referenced in a customer initiated investment related written complaint August 23, 2017 in which the customer requested $43,661.73 in damages founded on accusations of unsuitable annuities being sold by the stockbroker.
Martin is the subject of a different customer initiated investment related written complaint on April 29, 2019 where the customer sought $13,763.63 in damages based on allegations of the stockbroker making a poor annuity recommendation in January 2018 resulting in damages to the customer.
Martin has been registered with Ameriprise Financial services as a stockbroker since September 24, 1986. He has also been registered there as an investment adviser representative since January 31, 2007.