A FINRA arbitration panel ordered Ameriprise Financial Services Inc. to pay $1.17 million to an elderly couple after advising them to invest their retirement savings in speculative real estate investments. According to the award, Ameriprise had advised the couple to invest over $1 million of their retirement savings into three tenant-in- common real estate investments. The couple invested in these risky investments in 2008 and since then one completely failed and the other two had a steep decline in value. This caused the couple to lose almost their entire life savings.
The three investments were ARI-Onyx Office Plaza Tenant In Common, Moody Springhill Suites Pittsburgh Tenant In Common, and Moody Marriott TownePlace Suites Portland Scarborough Tenant In Common. If you have invested in any of the above named TICs or you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.