Stoltmann Law Offices is investigating Cary Kievman, a broker with Ameriprise Financial Services. Kievman allegedly put a significant portion of a retired client’s portfolio into short positions in ETNs, leveraged inverse exchange traded products and concentrated positions in individual stocks and individual sectors. These positions were not suitable for the client. Kievman invested her money in a reckless fashion, and put her money into complex financial instruments, unsuitable for retail investors who plan to hold them for longer than one trading session. This was especially true in the highly volatile market. The client told Kievman that she would soon be retiring with a modest fixed income, and could not afford high risk investments. A broker must take into account a customer’s age, net worth, investment sophistication and portfolio before making investments on their behalf. If he does not, his brokerage firm may be liable for losses.
Kievman was registered with UBS Financial Services in Weehawken, New Jersey from January 1999 until September 2005, Citigroup Global Markets in Woodland Hills, California from September 2005 until February 2011 and Morgan Stanley in Woodland Hills from February 2011 until January 2012. He is currently registered with Ameriprise in Westlake Village, California and has been since January 2012. He has four customer disputes against him, one of which is currently pending. Please call our law offices today if you invested money with Cary Kievman.
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