Ameriprise Financial: Complaints and Regulatory History Overview 

Ameriprise Financial Services: Broker Misconduct and Regulatory Review

The White Law Group is investigating the regulatory history and broker misconduct of Ameriprise Financial Services (CRD #6363 / SEC#: 801-28543, 8-16791). Headquartered in Minneapolis, Minnesota, Ameriprise is dually registered as a broker-dealer and investment adviser. As the second-largest independent broker-dealer and one of the largest RIAs in the U.S., the firm reportedly manages over $458 billion in assets. According to FINRA BrokerCheck, Ameriprise has 183 disclosures on its record, including 79 regulatory events and 103 arbitrations.

FINRA and the Securities and Exchange Commission (SEC) regularly sanction broker-dealers such as Ameriprise for compliance failures, supervision issues, and misconduct. The following is a summary of Ameriprise’s regulatory history and notable cases.

Regulatory Actions Against Ameriprise

• 2025 – Cash Sweep Lawsuit: Ameriprise was sued for allegedly paying unfairly low interest rates on uninvested cash while profiting from the spread. The lawsuit mirrors similar cases filed against other large brokerage firms since 2024. Ameriprise has sought dismissal of certain claims and arbitration for advisory accounts.
• 2022 – Variable Annuity Switching: The SEC fined subsidiary RiverSource Distributors $5 million for incentivizing representatives to switch clients’ variable annuities, which increased commissions and sales. The SEC found that Ameriprise failed to protect clients from excessive and unsuitable annuity exchanges.
• 2018 – Misappropriation of Funds: The SEC fined Ameriprise $4.5 million after five representatives misappropriated more than $1 million from client accounts between 2011 and 2014. Advisors forged client documents, diverted funds, and were later criminally charged. Ameriprise reimbursed all affected investors.
• 2018 – Overcharging Retirement Customers: Ameriprise paid $1.8 million in restitution for selling higher-fee mutual fund share classes to retirement clients without providing sales charge waivers. Nearly 1,800 accounts incurred unnecessary costs while Ameriprise earned higher compensation.
• 2016 – Failure to Supervise: FINRA fined Ameriprise $850,000 after a representative converted $370,000 from client accounts. The firm failed to respond to red flags, including questionable wire transfers and potential signature irregularities.

Broker Misconduct and Complaints

Ameriprise has also faced allegations of misconduct tied to individual representatives:

• Christopher Jacobi 2025 (CRD#: 1648679): A former Ameriprise broker with 37 years of experience and 11 disclosures. Jacobi faces multiple pending disputes filed between 2024 and 2025 alleging unsuitable recommendations, with claimed damages exceeding $800,000. His record also shows older denied and closed complaints dating back to 1998.
• Dusty Sternadel 2022 (CRD#: 5872600) : Terminated amid allegations of misappropriating client funds; three customer complaints have been filed.
• Arthur Hoffman 2022 (CRD#: 3193754) : Charged by the SEC for fraud related to cryptocurrency investment Zima Global Ventures, which collapsed in 2020, causing more than $600,000 in client losses. Hoffman allegedly failed to disclose conflicts of interest tied to personal loans from the company.

Class Action vs. FINRA Arbitration

For investors pursuing claims, class action lawsuits may be suitable for smaller losses or widespread harm. However, investors with losses over $100,000 typically achieve better results through individual FINRA arbitration, which allows claims to be decided on their specific facts. Most Ameriprise account agreements require arbitration rather than court litigation.

Recovering Investment Losses through FINRA Arbitration

Brokerage firms like Ameriprise may be held liable for failing to supervise their financial advisors. Investors who suffered losses due to unsuitable investments, fraud, or other misconduct may be able to pursue claims through FINRA arbitration to recover damages.

National Securities Attorneys

The White Law Group has handled more than 800 FINRA arbitration cases across the country since 2010. With over 30 years of experience, the firm represents investors in claims involving stock fraud, misrepresentation, churning, unsuitable recommendations, unauthorized trading, and other forms of misconduct.

Free Consultation

If you invested with Ameriprise Financial Services and are concerned about your losses, call The White Law Group at 888-637-5510 for a free consultation with a securities attorney.

Frequently Asked Questions (FAQs) : Ameriprise Financial

1. What types of cases has Ameriprise faced with regulators?

Ameriprise has been sanctioned for issues such as unsuitable annuity switching, failure to supervise, misappropriation of client funds, and overcharging retirement accounts.

2. Can I sue Ameriprise directly in court?

Most Ameriprise accounts include mandatory arbitration clauses, which require disputes to be filed in FINRA arbitration rather than in court.

3. How do I know if I have a claim against Ameriprise?

If you suffered investment losses due to unsuitable advice, fraud, or a lack of supervision by an Ameriprise broker, you may be eligible to recover damages. A securities attorney can review your account and determine your options.