Gary Imel Facing His 13th Investor Dispute
Gary Imel (CRD #: 254765), a broker formerly registered with Ameriprise, is involved in a new investor dispute, according to his BrokerCheck record, accessed on March 30, 2023. This is his 13th investor dispute.
Pending Investor Disputes
On January 9, 2023, an investor filed a dispute alleging that Gary Imel made unsuitable recommendations of alternative investments.
In a dispute filed on September 1, 2022, an investor alleged that Gary Imel made unsuitable and misleading investment recommendations. The investor is seeking $98,500 in damages.
FINRA Rule 2111
FINRA Rule 2111 requires brokers to recommend securities that adequately suit an investor’s financial goals. Brokers must consider the information in an investor’s profile, such as their risk tolerance, age, and tax status when making recommendations.
- High-risk investments may be unsuitable due to their likelihood of losing money.
- Illiquid investments can be difficult to sell in the short term and tend to incur high fees when investors attempt to sell them too soon.
- Excessive trading violates the need for quantitative suitability. This means that the overall number of trades executed must also be suitable for the client’s financial goals.
- Investment strategies are also required to be suitable for the investor. For example, the level of risk involved in overconcentration of securities in a certain sector or stock may be unsuitable for some investors.
Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.
FINRA Rule 2020
FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.
Settled Investor Disputes
There are nine settled disputes on Gary Imel’s record that allege unsuitable investment recommendations and other violations of the suitability rule. These disputes were collectively settled for approximately $401,756.55.
Another settled dispute, filed on March 18, 2020, named Gary Imel in allegations of fraud, breach of contract, and breach of warranties.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Gary Imel has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- Securities Industry Essentials Examination
- Series 1 Registered Representative Examination
- Series 24 General Securities Principal Examination
Gary Imel has registered with the following firms:
- Ameriprise Financial Services (CRD #: 6363)
- Kalos Capital (CRD #: 44337)
- Madison Avenue Securities (CRD #: 23224)
- ING Financial Partners (CRD #: 2882)
- MML Investors Services (CRD #: 10409)
- NYLife Securities (CRD #: 5167)
- Suncan Equity Services Company (CRD #: 5496)
- SMA Equities (CRD #: 3960)
- New York Life Variable Contracts Corporation (CRD #: 5167)
Kurta Law Can Help
If you worked with Gary Imel and you have concerns about your investments, contact Kurta Law today. Call 877-600-0098 or email email@example.com.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.