According to an article in yesterday’s InvestmentNews, the Financial Industry Regulatory Authority (FINRA) fined an Ameriprise representative $50,000 and suspended him from the industry for one year. The broker, David B. Tysk, was accused of altering software notes to document his recommendations for a 78-year-old client, to invest $2 million in Ameriprise variable annuities. Tysk allegedly backdated 54 new entries and changed 13 previous entries in his client-relationship management system, to support recommendations that were claimed to be unfit for his client.
Mr. Tysk was said to have made the $2 million recommendations in December 2006. The client invested $1 million and purchased another $1 million seven months later. Months later, the client raised suitability concerns, adding he did not need to insure any assets to his heirs. It was detected that Mr. Tysk went back to change the history to correct a failing on his behalf.
According to his online FINRA BrokerCheck report, Tysk was registered with IDS Life Insurance Company in Minneapolis, Minnesota from August 1999 until July 2006 and Ameriprise Financial Services in Eden Prairie, Minnesota since December 1987. He has four customer disputes against him. Please call us today if you would like to bring a claim against his firm, Ameriprise. We are securities attorneys who represent investors in the FINRA arbitration forum in order to help them recover their investment losses.
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