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Darryl Devillier is the Subject of a Six-Figure Investor Dispute

Darryl Devillier (CRD #: 4069344), a broker registered with Ameriprise Financial Services, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on November 27, 2023. Concerned investors should keep reading. 

On November 29, 2023, investors alleged that Darryl Devillier failed to make the premium payments on their $601,676 Principal National Life Insurance Company life insurance policy that he allegedly agreed to process on their behalf. As a result, the policy allegedly lapsed in September 2021. 

The investor is seeking $601,676. 

Regulatory Action 

On July 23, 2018, Darryl Devillier became the subject of a consent order issued by the Massachusetts Securities Division. The Division alleged that Darryl Devillier was the subject of six investor disputes alleging unauthorized trading, unsuitable investment recommendations, churning, negligence, a breach of contract, and a breach of fiduciary duty. 

As a result of these allegations, Ameriprise will supervise Darryl Devillier on a heightened basis. 

What is Churning? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Rule 2111 also requires brokers to consider the following investor characteristics: 

  • Age
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status
  • Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

FINRA Rule 3260: Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

Background Information 

Darryl Devillier has passed the following exams: 

  • Series 66 Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination 
  • Series 31 Futures Managed Funds Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 19 states and is a registered investment adviser in Texas. 

Darryl Devillier has registered with three firms in 23 years of experience: 

  • Ameriprise Financial Services (CRD #: 6363) 
  • Raymond James & Associates (CRD #: 705) 
  • Morgan Stanley (CRD #: 7556) 

Kurta Law Can Help 

If you have worked with Darryl Devillier and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.