The Certified Financial Planner Board (CFP) recently revoked the designations of three advisors and suspended several others.
According to Financial planning, Scott A. Brooks, a broker with Ameriprise Financial, “lost the right to use his CFP certification marks for one year after the board found he failed to file for federal income tax returns or pay income taxes for a 10-year period from 2000 to 2009, resulting in tax liens totaling nearly $1 million.” Unfortunately this is not the type of activity you would expect from a financial professional.
According to BrokerCheck, Brooks has been a registered broker with Ameriprise Financial since 1996. Broker are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor in light of the investor’s age, risk tolerance, net worth, and investment experience.
Brokers and investment advisers who make unsuitable investment recommendations or fail to adequately disclose investment risks can be held accountable for losses suffered through a FINRA arbitration claim.
For a free consultation with a securities attorney, please call the securities attorneys of The White Law Group at (312)238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. The firm represents investors throughout the country in FINRA arbitration claims against their brokerage firm.
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