Guy Colella Allegedly Churned Client’s Account
Guy Colella (CRD #: 1646164), a broker registered with Ameriprise Financial Services, allegedly engaged in excessive trading, according to his BrokerCheck record, accessed on April 21, 2023. If you have questions about his alleged conduct as a broker, read on.
On March 9, 2023, an investor filed a dispute alleging that Guy Colella engaged in excessive trading, recommended unsuitable investments, and coded the client’s accounts with a risk tolerance investment objective unsuitable for their age.
They sought $420,000 in damages but the dispute was denied by the firm.
Investors should be aware, however, that firms can deny disputes without an external review. Investors may be able to recover their funds by pursuing FINRA arbitration after a denial.
FINRA Rule 2111
FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile. These profiles contain information about an investor’s tax status, risk tolerance, and investment goals.
Excessive trading, also called churning, violates the need for quantitative suitability. In other words, a broker’s overall trading activity must also suit an investor’s goals.
Investors who rely on brokers for investment recommendations can seek out FINRA arbitration and potentially recover their losses.
Guy Colella has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
Guy Colella is a registered broker in 14 states and a registered investment adviser in Florida.
He has also worked for the following firms:
- Raymond James & Associates (CRD#:705)
- Janney Montgomery Scott (CRD#:463)
- Prudential Securities (CRD#:7471)
- A. G. Edwards & Sons (CRD#:4)
- J. T. Moran & Company (CRD#:15655)
- RLR Securities Group (CRD#:7952)
Kurta Law Can Help
If you worked with Guy Colella and you have concerns about your investments, please contact us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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.