FINRA Suspends Cincinnati, Ohio Financial Advisor
The Financial Industry Regulatory Authority (FINRA) has suspended former Ameriprise (AMP) stockbroker, Angel W. Bardeche, for nine months over allegations that she engaged in unsuitable mutual fund switches over a two-year period that earned her $450K in commissions.
The self-regulatory organization (SRO) also contends that the ex-Ameriprise Financial broker made 109 trades in eight non-discretionary customer accounts without authorization. Bardeche will pay a $10K fine and $5K in disgorgement.
At the moment, she is not a registered broker or investment advisor. The brokerage firm fired Bardeche in 2019 after finding that she allegedly engaged in unauthorized trading.
Our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are looking into losses sustained by ex-Ameriprise registered representative, Angel Bardeche. Already, the broker-dealer firm has paid $380K in settlements to four of her former customers at the firm.
Contact us online today if you believe that you suffered losses as a result of working with the ex-Ameriprise broker, Angel Bardeche.
Mutual Fund Switches Cost Investors Money
In this FINRA case, the SRO found that Bardeche “recommended and effected an unsuitable strategy” that involved a pattern of mutual fund Class A share switching. This included advising customers that they buy such shares, sell them, and then use the money to buy more shares. Often the shares would be sold after just a short period of time.
Bardeche purportedly earned $450K from these mutual fund switches.
FINRA also found that the ex-Ameriprise broker recommended expensive back-to-back short-term switches, causing customers to incur new sales charges. The SRO said that Bardeche didn’t have reasonable grounds for recommending her mutual fund switching strategy.
Angel Bardeche was an Ameriprise Financial registered representative for six years. Other firms where this broker used to be registered include Raymond James & Associates (RJF) and Morgan Stanley (MS). She worked in the industry for over 15 years.
Customer Disputes Involving Ex-Broker Angel Bardeche
Previous customer disputes involving Angel Bardeche, according to BrokerCheck:
- 8/2019: The customer contends that Bardeche did not disclose yearly fees or surrender charges involving a variable annuity. The claimant sought nearly $10K in damages. The case was settled for $51,545.16.
- 8/2019: Making similar allegations also related to a variable annuity, this customer sought $8K in damages. A $122K settlement was reached.
- 5/2019: In yet another variable annuity claim involving omissions about surrender charges, this case was settled for over $138K. The investor had requested $14,455 in damages.
- 4/2019: Settled for $68,500, this claimant contends that mutual fund front-end sales charges were not disclosed.
Contact SSEK Law Firm at (800) 259-9010 and ask to speak with one of our mutual fund fraud attorneys at SSEK Law Firm today.