Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 7, 2016 indicate that New York-based Ameriprise Financial Services broker/adviser Evan Fischer has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Fischer (CRD# 1454305).
Evan Fischer has spent 30 years in the securities industry and has been registered with Ameriprise Financial Services in Mitchel Field, New York since April 2016. Previous registrations include Oppenheimer & Company in Jericho, New York; RBC Dain Rauscher in New York, New York; Tucker Anthony in Boston, Massachusetts; BT Alex Brown in Baltimore, Maryland; Alex Brown & Sons; Legg Mason Wood Walker in Baltimore, Maryland; Ladenburg Thalmann & Company in New York, New York; and Macpeg Ross O’Connell & Goldaber. He is a registered broker and investment adviser with 17 US states and territories: Arizona, Arkansas, California, Connecticut, Florida, Illinois, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Tennessee, Texas, and Wisconsin.
According to his BrokerCheck report, Evan Fischer has received one customer complaint and one pending customer complaint.
In June 2016, a customer alleged Evan Fischer, while employed at Oppenheimer & Company, over-concentrated the accounts in unsuitable energy sector investments, breached his fiduciary duty, acted negligently, committed fraud, engaged in negligent supervision, and breached contract. The customer is seeking $678,000 in damages in the pending complaint.
In 2004, a customer alleged Evan Fischer, while employed at Tucker Anthony, recommended an unsuitable investment. The complaint settled in 2006 for $33,320.
Concentration (or “over-concentration”) refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Evan Fischer, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: you will only pay Fitapelli Kurta if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.