Investors Allege Steven Prottsman Churned Their Accounts

Steven Prottsman (CRD #: 1436975), a broker formerly registered with Ameriprise Financial Services, allegedly engaged in excessive trading, according to his BrokerCheck record, accessed on March 25, 2025. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On February 18, 2025, multiple investors filed a dispute alleging Steven Prottsman churned their accounts and recommended investments that were unsuitable for their risk tolerance and financial needs. This dispute was denied by the firm.

Investors should be aware, however, that firms can deny disputes without an external review. You may be able to recover your losses after a denial by pursuing FINRA arbitration.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe an investor’s age, tax status, financial goals, and other characteristics.

Investments can also be quantitatively unsuitable, meaning that the broker executed an excessive number of trades. Also called churning, this generates trading fees and commissions that can reduce a client’s returns so severely that they don’t make any profit.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Steven Prottsman has passed the following exams:

• Securities Industry Essentials Examination – SIE
• General Securities Representative Examination – Series 7
• Uniform Securities Agent State Law Examination – Series 63

He previously worked for Ameriprise Financial Services (CRD#:6363) and IDS Life Insurance Company (CRD#:6321).

Kurta Law Can Help

If you worked with Steven Prottsman and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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 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.