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Gary Imel Facing His 13th Investor Dispute

Sep 10, 2021 Unsuitable Investments

Gary Imel (CRD #: 254765), a former broker with Ameriprise, is involved in a new investor dispute, according to his BrokerCheck record, accessed on December 29, 2022. This is his 13th investor dispute.

New Investor Disputes

There are two pending investor disputes that allege Gary Imel recommended unsuitable investments.

On September 1, 2022, an investor alleged that Gary Imel made unsuitable and misleading investment recommendations. The investor is seeking $98,500 in this pending dispute. 

On October 18, 2021, an investor alleged that Gary Imel recommended securities without performing adequate due diligence. The investor further alleges negligence, misrepresentations, and omissions. 

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.

Settled Investor Disputes

There are nine settled disputes on Gary Imel’s record. These collectively settled for approximately $437,811.06. 

Background Information

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 info@kurtalawfirm.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.