The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, www.brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Ameriprise Financial Services broker Tom Gilliam Parks Jr. to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Parks has been registered in the securities industry since 1987. Over the years, he has been registered with six (6) brokerage firms: IFP Incorporated, Signal Securities Inc., InterSecurities Inc., American Express Service Corporation, IDS Life Ins. Co. and, most recently, Ameriprise Financial Services Inc. During that period, the FINRA BrokerCheck report indicates that Mr. Parks has been the subject of ten (10) Customer Disputes, six (6) of which were reportedly pending as of August 22, 2016. His employment at Ameriprise Financial Services terminated in April 2016.
There were two (2) customer disputes with allegations of unsuitable investment recommendations and misrepresentations that have supposedly settled for amounts ranging from $50,000 to $60,000. There were two (2) customer disputes that were rejected by the brokerage firm and supposedly no further action was taken by the customer. The six (6) pending arbitrations reportedly filed against Mr. Parks were for unsuitable investment recommendations involving non-traded REITs and oil/gas master limited partnerships while he was employed at Ameriprise Financial Services. Mr. Parks was supposedly permitted to resign while he was on heightened supervision for violations of company policy related to suitability, client disclosure and outgoing correspondence. It sounds like he was fired rather than permitted to resign. We believe that Mr. Parks' employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Parks contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.