Stoltmann Law Offices continues to investigate Neil Palazzo, a broker with Ameriprise in New York, New York. Mr. Palazzo was accused of “exercising discretion in a customer’s account by executing two transactions in connection with the sale and purchase of shares in mutual funds without obtaining prior written authorization from the customer to exercise discretion in the account and without his member firm approving the account for discretionary trading.” For this, he was suspended for 10 days and fined $5,000. He also executed a mutual fund trade without the client’s permission while registered with David Lerner Associates and “exercised discretion in buying and selling securities for an Alaska resident without obtaining discretionary authority.” He was issued a cease-and-desist order and fined $8,000. These are all against securities laws and his firm, Ameriprise, can be held liable for these losses because the firm did not properly supervise him.
Mr. Palazzo was registered with David Lerner Associates in Syosset, New York from June 2000 until August 2015. He is currently associated with Ameriprise Financial Services in Mitchel Field, New York and has been since August 2015. He has one customer dispute against him. He has been suspended from the industry. If you would like to speak to an attorney about your options, please call 312-332-4200 today. The call is free with no obligation.
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