NYGAARD PREVAILS AGAINST AMERIPRISE AND RECOVERS $776,000 FOR CLIENT
In October, 2013, Mrs. Nygaard prevailed against Ameriprise for a retired businessman. The Panel required Ameriprise to buy back all the REITs the Ameriprise broker sold the investor for their purchase price of $650,000, and ordered Ameriprise to repay him an additional $126,000 for the fees, commissions, and payments made to Ameriprise for “financial plans”, and the expenses of the arbitration. The award involved CPA, KBS and Inland American REITs, Riversource Annuities and Riversource Variable Universal Life.
