JOHN KERMIT THOMAS is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 1105 2ND AVE N, GREAT FALLS, MT, 59401.
JOHN KERMIT THOMAS has worked at AMERIPRISE FINANCIAL SERVICES, INC. since February 02, 1981
Disclosure History
JOHN KERMIT THOMAS has 7 Disclosure Event(s).
Date: March 29, 2010 Category: Customer Dispute Allegations: CLIENT ALLEGED HER ADVISOR MADE UNSUITABLE RECOMMENDATIONS AND DELAYED IN MAKING A TRANSACTION IN FEBRUARY 2009. Damage Amount Requested: $300,000.00
Date: January 25, 2010 Category: Customer Dispute Allegations: THE CLIENT ALLEGED THE RIVERSOURCE VUL PURCHASED IN JUNE 1996 WAS UNSUITABLE AND THE ADVISOR DID NOT DISCLOSE THE COST OF INSURANCE ASSOCIATED WITH THE POLICY. Damage Amount Requested: $34,742.28
Date: September 03, 2009 Category: Customer Dispute Allegations: CLIENT ALLEGED ANNUITY SOLD BY ADVISOR IN APRIL 2003 WAS NOT SUITABLE INVESTMENT FOR WALTH TRANSFER TO HIS CHILDREN. Damage Amount Requested: $17,378.42 Broker Comment: OUR REVIEW FOUND THE ANNUITY RECOMMENDATION WAS SUITABLE AT THE TIME OF THE SALE. IN ADDITION, THE CLIENT STATED SHE PAID FOR WRITTEN INVESTMENT ADVICE FOR THE FINANCIAL SERVICE AGREEMENTS STARTING IN 2003 THROUGH 2008. OUR REVIEW FOUND THE CLIENT DID RECEIVE THE INVESTMENT ADVICESERVICES AGREED TOO.
Date: April 17, 2007 Category: Customer Dispute Allegations: THE CLIENT'S SONS, WHO HAVE POA, ALLEGED THE ADVISOR FAILED TO INFORM THEM OF THE 2006 RMD AMOUNT AFTER AGREEING TO DO SO. THEY ALSO CLAIMED THE CLIENT'S 1999 PURCHASE OF A REIT WAS NOT SUITABLE BASED ON ITS ILLIQUIDITY. THE SONS REQUESTED ALL PENALTIES FOR MISSING THE 2006 RMD BE PAID AND THE REIT BE LIQUIDATED WITHOUT CHARGES AND TRANSFERRED TO WELLS FARGO. Damage Amount Requested: $5,000.00 Broker Comment: THE REVIEW FOUND THE RMD WAS ULTIMATELY THE CLIENT'S RESPONSIBILITY AND THERE IS A PROCESS IN PLACE FOR ADDRESSING A LATE RMD WITH THE IRS. THE REIT WAS FUNDED WITH $75,000 WHICH WAS A SMALL PERCENTAGE OF THE CLIENT'S ESTIMATED NET WORTH OF $2,400,000 (OF WHICH APPROXIMATELY $2,000,000 WAS LIQUID) AT THE TIME OF INVESTMENT. THE ESTIMATED VALUE OF THE REIT TODAY IS $99.000 AND THE CLIENT HAS RECEIVED INCOME. BASED ON THIS THE REVIEW DETERMINED THE CLIENT WAS ULTIMATELY NOT HARMED BY THE INVESTMENT.
Date: May 24, 2005 Category: Customer Dispute Allegations: THE CLIENTS ALLEGE I DID NOT INFORM THEM OF SURRENDER CHARGES ON AN ANNUITY PURCHASED IN 2003. THEY ALSO ALLEGE THEY WERE UNAWARE OF NON-PROPRIETARY HOLDINGS IN THEIR ANNUTIES. Damage Amount Requested: $6,502.72 Broker Comment: THE FIRM FOUND I RECOMMENDED AN ANNUITY REPLACEMENT AND PROPERLY DISCLOSED ALL TERMS OF THE NEW ANNUITY. THE FIRM ALSO FOUND THE CLIENTS UNHAPPY WITH THE RETURNS OF THEIR PROPRIETARY FUNDS, SO NON-PROPRIETARY SUBACCOUNTS WERE USED IN THE CLIENTS ANNUITY.
Date: September 02, 2004 Category: Customer Dispute Allegations: THE CLIENT CLAIMED HE WAS NEVER GIVEN THE OPTION OF PURCHASING A SHARES AT A BREAKPOINTS. HE STATED HIS ACCOUNTS WERE VALUED IN EXCESS OF $300,000 AT TIMES AND FEELS THIS COST HIM IN ANNUAL EXPENSES. Damage Amount Requested: $5,000.00 Broker Comment: THE DIFFERENCES IN COSTS BETWEEN THE MUTUAL FUNDS WERE EXPLAINED TO THE CLIENT AT THE TIME THEY WERE PURCHASED IN 1993 AND WERE APPROPRIATE FOR THE GOALS AND OBJECTIVES AT THE TIME. QUALIFIED MUTUAL FUNDS WERE INVESTED IN CLASS B SHARES AND TAXABLE MUTUAL FUNDS WERE INVESTED IN CLASS A WHICH ALLOWED THE CLIENT THE OPPORTUNITY TO INVEST AT BREAKPOINTS.
Date: September 16, 2002 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE THAT BEGINNING IN MAY 2000, AEFA AND REGISTERED REPRESENTATIVE, JOHN K. THOMAS, INSTEAD OF FOLLOWING CLAIMANTS' INSTRUCTIONS TO SAFELY INVEST $150000.00 FROM THE SALE OF THEIR HOME, AEFA AND THOMAS CLAIMANTS ALLEGE THAT BEGINNING IN MAY 2000, RESPNDENTS RECOMMENDED INVESTMENTS THAT FAILED TO MEET THEIR GOALS. CLAIMANTS ARE SEEKING $33,581, PLUS FEES, COSTS, RETURN OF COMMISSIONS, AND $10,000 IN PUNITIVE DAMAGES. Damage Amount Requested: $33,581.00 Settlement Amount: $17,000.00 Broker Comment: THE PARTIES CHOSE TO SETTLE THE MATTER IN ORDER TO AVOID THE COSTS ASSOCIATED WITH ARBITRATION. I WAS DISMISSED FROM THE CASE AS PART OF THE SETTLEMENT.
More Information
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