Richard Duane Mukomela (also known as Rick Mukomela), of Minnetonka, Minnesota, a stockbroker associated with MSI Financial Services Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim that was settled for $20,000.00 in damages based upon allegations that Mukomela misrepresented a real estate investment trust (REIT) as a stable, asset-backed investment promising regular income and principal protection. The customer supposedly found out that the REIT was not publicly traded, had a rating below investment grade, and was susceptible to market fluctuations. FINRA Arbitration No. 21-00931 (October 18, 2022).
FINRA Public Disclosure shows that Richard Duane Mukomela was referenced in three other customer initiated investment related disputes concerning Mukomela’s conduct while associated with securities broker-dealers. On April 21, 2003, a customer filed an investment related complaint involving Mukomela’s conduct in which the customer requested compensatory damages based upon allegations that Mukomela led the customer to believe that transferring accounts would be cost-free when it resulted in a sales commission of $9,137.50. Mukomela was associated with Piper Jaffray Inc. when this allegedly occurred. The complaint was denied on September 4, 2003.
On August 5, 2011, a customer initiated investment related complaint involving Richard Duane Mukomela’s conduct was settled for $305,443.54 in damages based upon allegations that Mukomela misled the customer during the sale of a variable life insurance policy. Mukomela was associated with AXA Advisors LLC at the time of the alleged activities.
Mukomela was also referenced in a customer initiated investment related complaint filed on November 8, 2012, in which the customer requested compensatory damages based upon allegations that Mukomela misrepresented facts in connection with the sale of an insurance product during the time that Mukomela was associated with AXA Advisors LLC. The complaint alleged that the customer felt misled by the agent in the sale of a variable life insurance policy that replaced three existing life insurance policies.
Mukomela has been associated with Ameriprise Financial Services LLC in Edina, Minnesota, since July 17, 2023. Mukomela was also associated with MSI Financial Services Inc. from November 3, 2010, to March 25, 2017, and MML Investors Services LLC from March 25, 2017, to July 19, 2023.
