{"id":4361,"date":"2007-01-03T01:48:14","date_gmt":"2007-01-03T01:48:14","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/01\/nasd_arbitration_panel_says_am"},"modified":"2022-07-22T08:42:07","modified_gmt":"2022-07-22T13:42:07","slug":"nasd-arbitration-panel-says-am","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/","title":{"rendered":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million"},"content":{"rendered":"

\t\t\t\tAn arbitration panel for the NASD says that Ameriprise’s Securities America must pay up to $9.3 million to three retired American Airlines pilots who are accusing a broker of spending their retirement savings on mutual funds that had high fees and trading costs. A spin off from American Express Co., Amerprise Financial offers clients financial planning and advice. Securities America is an Ameriprise Financial Inc. subsidiary.<\/p>\n

In an NASD ruling, broker Robert P. Gormly, Jr. and Securities America are both being held liable for $2.4 million in lawyer’s fees and $3.9 million in damages. In addition, Securities America must also pay $3 million in punitive damages. <\/p>\n

According to the American Airlines pilots, Gormly (who had been affiliated with Securities America in Texas) had initially purchased products from the American mutual funds group, liquidated the funds between 1998 and 2003, and then directed the pilots’ money into more aggressive Rydex funds that he traded on a nearly daily basis.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

An arbitration panel for the NASD says that Ameriprise’s Securities America must pay up to $9.3 million to three retired American Airlines pilots who are accusing a broker of spending their retirement savings on mutual funds that had high fees and trading costs. A spin off from American Express Co., Amerprise Financial offers clients financial […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3791,3788],"tags":[],"class_list":["post-4361","post","type-post","status-publish","format-standard","hentry","category-ameriprise-securities-america","category-nasd-enforcement"],"yoast_head":"\nNASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million — Investor Lawyers Blog — January 3, 2007<\/title>\n<meta name=\"description\" content=\"An arbitration panel for the NASD says that Ameriprise's Securities America must pay up to $9.3 million to three retired American Airlines pilots who are — January 3, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million — Investor Lawyers Blog — January 3, 2007\" \/>\n<meta name=\"twitter:description\" content=\"An arbitration panel for the NASD says that Ameriprise's Securities America must pay up to $9.3 million to three retired American Airlines pilots who are — January 3, 2007\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million — Investor Lawyers Blog — January 3, 2007","description":"An arbitration panel for the NASD says that Ameriprise's Securities America must pay up to $9.3 million to three retired American Airlines pilots who are — January 3, 2007","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/","twitter_card":"summary_large_image","twitter_title":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million — Investor Lawyers Blog — January 3, 2007","twitter_description":"An arbitration panel for the NASD says that Ameriprise's Securities America must pay up to $9.3 million to three retired American Airlines pilots who are — January 3, 2007","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million","datePublished":"2007-01-03T01:48:14+00:00","dateModified":"2022-07-22T13:42:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/"},"wordCount":532,"articleSection":["Ameriprise - Securities America","NASD Enforcement"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/","url":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/","name":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million — Investor Lawyers Blog — January 3, 2007","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2007-01-03T01:48:14+00:00","dateModified":"2022-07-22T13:42:07+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"An arbitration panel for the NASD says that Ameriprise's Securities America must pay up to $9.3 million to three retired American Airlines pilots who are — January 3, 2007","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/nasd-arbitration-panel-says-am\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"NASD Arbitration Panel Says Ameriprise\u2019s Securities America Must Pay Retired American Airline Pilots Up To $9.3 Million"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-18l","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=4361"}],"version-history":[{"count":2,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4361\/revisions"}],"predecessor-version":[{"id":28394,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/4361\/revisions\/28394"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=4361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=4361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=4361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}