Arthur Grossbard, Broker with Ameriprise Financial Services, Facing Customer Dispute Alleging Recommendation of Unsuitable Investments

INVESTORS: Ameriprise Financial Services broker Arthur Grossbard was named in a customer dispute alleging he made an unsuitable investment recommendation.

Arthur Grossbard (CRD#: 1020971) is registered as a broker and investment adviser with Ameriprise Financial Services, where he’s been employed since 2020. Grossbard was previously registered as a broker and investment adviser with Royal Alliance Associates, Inc.

Grossbard has four disclosures on his BrokerCheck report. Two disclosures occurred prior to 1990.

November 2021 Customer Dispute

Status: Pending

Allegations: Claimants allege that the financial professional recommended an investment that was unsuitable.

Damage Amount Requested: $250,000.00

April 2020 Customer Dispute

Status: Settled

Allegations: It is alleged that two $50,000 private placement investments (in same fund but involving each individual claimant—claimants were sisters) were inappropriately recommended to the claimants.

Damage Amount Requested: $100,000.00

Settlement Amount: $65,000.00

Broker Comment: Settlement additionally involved transfer of client’s interest in the private fund at issue for the last valuation issued by sponsor—$58,500.

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