Date: January 03, 2007 Category: Employment Separation After Allegations Firm Name: AMERIPRISE Termination Type: Voluntary Resignation Allegations: MY REGISTERED PRINCIPAL AT AMERIPRISE HAS ALLEGED I WAS NOT TIMELY IN UPDATING MY OUTSIDE BUSINESS DISCLOSURE, WHICH WOULD BE A VIOLATION OF AMERIPRISE RULES. Broker Comment: IN 2003 I BEGAN BROKERING GROUP AND VOLUNTARY GROUP INSURANCE PRODUCTS OUTSIDE OF AMERICAN EXPRESS/AMERIPRISE PRODUCT LINES. AT THAT TIME, I DISCLOSED THIS IN WRITING TO AMERIPRISE AND UPDATED MY O.B.A. IT IS WITHIN AMERIPRISE GUIDELINES. IN NOVEMBER OF 2006 I BROKERED A GROUP TERM LIFE INSURANCE CONTRACT. THIS ACTIVITY DOES NOT COMPETE WITH AMERIPRISE FINANCIAL, CREATE THE POTENTIAL OF A CONFLICT OF INTEREST, NOR INTERFERE WITH MY ABILITY TO PROVIDE EFFECTIVE SERVICE TO CLIENTS AND AMERIPRISE. THUS THIS ACTIVITY DOES NOT VIOLATE AMERIPRISE O.B.A. POLICY. IT REMAINS MY BELIEF THE SCOPE OF MY INVOLVEMENT IN THIS O.B.A. HAS NOT CHANGED THEREFORE COMPLETION OF MY O.B.A. DISCLOSURE WAS NOT REQUIRED MORE THAN ANNUALLY. MY AMERIPRISE REGISTERED PRINCIPAL BELIEVED THE SALE OF THIS PRODUCT REQUIRED ME TO UPDATE MY O.B.A. DISCLOSURE FORM "PROMPTLY" WHICH IS DEFINED BY AMERIPRISE AS BEING WITHIN FIVE CALENDAR DAYS. I DISCLOSED THE ACTIVITY IN APPROXIMATELY FOURTEEN CALENDAR DAYS. AS A RESULT, MY R.P. REQUESTED AN INVESTIGATION BE CONDUCTED. I HAVE FULLY COMPLIED. I HAVE PROVIDED DOCUMENTATION TO WOODBURY FINANCIAL. THIS MATTER HAD NO INFLUENCE OR BEARING ON MY DECISION TO CHANGE B.D.S., NOR WOULD IT HAVE PREVENTED ME FROM CONTINUING TO WORK AT AMERIPRISE HAD I CHOSEN TO DO SO. I DISCUSSED THE ISSUE WITH MY FIELD VICE PRESIDENT AT AMERIPRISE, [THIRD PARTY] ON TUESDAY, DECEMBER 19, 2006. [CUSTOMER] AGREED IT IS A MINOR ISSUE, AND STATED IT WOULD NOT RESULT IN A NEGATIVE U5 BEING FILED. I REQUEST THAT IT NOT DELAY MY TEMPORARY REGISTRATION WITH WOODBURY FINACIAL. THANK YOU.
Date: March 13, 2001 Category: Customer Dispute Allegations: THE CLIENT ALLEGED THAT THE ANNUITY AND MUTUAL FUND PORODUCTS SHE PURCHASED ARE UNSUITABLE INVESTMENTS FOR HER. SHE STATED THAT THE INVESTMENTS ARE HIGH RISK AND DO NOT MEET HER LIQUIDITY NEEDS. IN ADDITION, SHE ALLEGED THAT I DID NOT DISCLOSE THE PENALITIES ASSOCIATED WITH DISTRIBUTIONS FROM THE ANNUITY. Damage Amount Requested: $6,464.00 Broker Comment: OUR REVIEW FOUND THAT THE MUTUAL FUNDS THE CLIENT PURCHASED WERE SUITABLE FOR HER. PRIOR TO THE PURCHASE OF THE FUNDS, I PROVIDED THE CLIENT WITH THE PROSPECTUSES AND DISCUSSED THE RISKS ASSOCIATED WITH THESE INVESTMENTS. IN ADDITION, I PROVIDED THE CLIENT WITH FULL AND FAIR DISCLOSURE REGARDING THE PENALTIES THAT ARE ASSESSED FOR TAKING DISRIBUTIONS FROM THE ANNUITY.
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