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Did You Lose Money After Investing With Ameritas Investment?

A majority-owned subsidiary of Ameritas Life Insurance Corp., Ameritas Investment Corp. (“AIC”), began operations in 1984 as a privately-owned broker-dealer called Banker’s Life Nebraska Investment Corp. In 1986 the name changed to Ameritas Investment Corp. Today, AIC, which provides investment advisory services, has approximately $4.3B+ (as of Oct 2018) in assets under management (AUM). Headquartered in Lincoln, Nebraska, the firm serves 5.3M customers (as of 2021) in all 50 states as well as the District of Columbia. 

Financial Misconduct at Ameriprise Financial 

AIC is licensed by the Financial Industry Regulatory Authority (FINRA), and as such is legally obligated to ensure its brokers are acting lawfully in the interest of their investors. If a client suffers losses as a result of negligent behavior or misconduct from a broker, then the firm may be held legally responsible to repay the damages. 

AIC and brokers backed by AIC have a long history of misconduct and complaints, dating back to 2000. The firm has also faced arbitration over misconduct, shelling out millions of dollars in fines.  

In 2009, FINRA fined AIC alleging that one of its brokers, Nancy Ziering, used communications with the public in the form of written financial plans that failed to provide a sound basis for evaluating the products being recommended, contained misleading statements, and omitted material information, including risks. The representative also sold products to customers that were unsuitable based on their financial situations, and encouraged customers to use mortgage proceeds in order to fund securities transactions. AIC was ordered to pay $100,000. 

In 2019, the SEC initiated proceedings after it alleged AIC to have breached its fiduciary duty by providing inadequate disclosures related to its mutual fund share class selection practices and the fees it received. AIC was found to have purchased, recommended, or held mutual fund share classes for clients and charged 12B-1 fees rather than less costly share classes of the same funds that the clients could have purchased. AIC was ordered to pay disgorgement of more than $3M as well as prejudgment interest.  

Other reasons for the many fines levied against AIC over the years include: 

  • Misappropriation of funds 
  • Breach of fiduciary duty  
  • Breach of contract 
  • Negligence 
  • Fraud 
  • Unsuitability 
  • Misrepresentation and omissions 
  • Unauthorized trading 
  • Failure to supervise 

Wondering If You Have a Claim? Contact Our Firm Now! 

Meyer Wilson reclaimed $350 million for the victims of investment fraud or misconduct. Our attorneys are experienced in going up against large investment firms, and our track record affirms our resources and expertise. Meyer Wilson has represented clients nationwide and internationally, in state and federal courts, and in arbitration through FINRA and the American Arbitration Association (AAA). As an investor, you have a right to recover investments lost through unethical behavior or decisions made against your interests.

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