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Complaints Against STEPHEN CARRIONE for Unsuitable Trading
FLORHAM PARK, NEW JERSEY
Have you lost money with financial advisor Stephen Carrione, formerly with Ameriprise Financial Services in Florham Park, New Jersey? The Investment Fraud Law Firm of Israels & Neuman is looking into allegations made against Stephen Carrione, who has been the subject of three customer complaints, one of which was filed within the last year. The recent complaint alleges that Carrione made unsuitable trades in a managed account.
In particular, the customer alleges trading in low priced securities (penny stocks) and speculative companies, also using margin and options. The customer did not specify the amount of damages in the penny stocks and speculative companies.
Stephen Carrione was with Ameriprise Financial Services from July 2011 to November 2020. He has worked at branch offices in Florham Park, New Jersey. Carrione was also suspended by FINRA for 30 days and fined $25,000.
Brokerage firms like Ameriprise Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New Jersey. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Ameriprise Financial Services.
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