Vincent Leonard Petrangelo of Springfield Massachusetts a stockbroker employed by Ameriprise Financial Services Inc. has been ordered by the Massachusetts Securities Division to be placed on heightened supervision as a condition of registering with Ameriprise in the state of Massachusetts based upon Petrangelo’s history of transgressions including his disclosure of five customer complaints alleging (1) suitability (2) unauthorized trading (3) churning and (4) breach of fiduciary duty. Case No. R-2018-0070 (July 23, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Petrangelo is referenced in five customer initiated investment related disputes containing accusations of his violative conduct during the time that he was associated with Raymond James & Associates, Inc. and Morgan Stanley Dean Witter. Particularly, on September 14, 2006, a customer filed an investment related complaint concerning Petrangelo’s conduct in which the customer sought at least $5,000.00 in damages founded on allegations that Petrangelo failed to inform the customer about fees associated with mutual fund investments, and placed unsuitable trades in the customer’s account.
Thereafter, Petrangelo was named in a customer initiated investment related arbitration claim where the customer was awarded $39,802.69 in damages based on Petrangelo being found liable on the customer’s claims of unsuitability, unauthorized trading, churning, and breach of fiduciary duty; and supervisory failures. FINRA Arbitration No. 13-00131 (Nov. 27, 2013).
Then, on March 14, 2012, a customer filed an investment related complaint regarding Petrangelo’s activities in which the customer requested at least $5,000.00 in damages supported by accusations that unit investment trust and mutual fund trades were placed in the customer’s account without the customer’s permission. On October 10, 2012, another customer filed an investment related complaint involving Petrangelo’s conduct where the customer sought $26,062.34 in damages based upon allegations that Petrangelo placed the customer in bad mutual fund products.
Subsequently, on February 16, 2016, a customer filed an investment related complaint concerning Petrangelo’s activities in which the customer requested $78,192.96 in damages founded on accusations that misrepresentations had been made to the customer in regards to a variable annuity investment.
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