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Ameriprise Broker Arrested for Defrauding Investors – Clients Say He Cashed Checks Made Out to Ameriprise.

Authorities in Knoxville have arrested an Ameriprise Financial Services broker who is accused of defrauding Tennessee residents. The charges include theft and forgery. At least five alleged victims have come forward claiming losses of almost $1 million. A client in another state claims damages of more than a million dollars and detectives are seeking to learn of more victims.

Delbert Forster Blount III worked out of an Ameriprise office in Knoxville and another in Morristown, Tennessee. It is reported that Blount received checks from clients made out to his firm but deposited these into his personal account rather than his clients’ investment accounts.

According to the latest disclosures made by Ameriprise, fifteen complaints have been lodged against Blount by his clients alleging damages totaling more than $2.5 million. Many of those complaining are reported to have provided Ameriprise with copies of cancelled checks made out to the investment firm which were instead deposited into an account opened by Blount.

The disclosure records indicate that, after working for a year at a Nissan dealership in Aleda, Tennessee and a year at John Hancock Financial Services, Blount then joined American Express Financial Advisors in 1998. In 2005, American Express sold that firm and it was then renamed Ameriprise Financial Services.

Shepherd Smith and Edwards represents individuals and institutions with claims against investment firms. If you or your firm are the victim of misconduct by members of the securities industry, hiring an experienced law firm can increase your chances of recovery. Contact us to arrange a free consultation with one of our attorneys.

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