Center Valley, Pennsylvania-based Kevin Houser, a financial advisor with Ameriprise Financial Services, has been named in four separate customer disputes that are pending resolution. These disputes are over alternative investments recommended by him and are understood to be of substantial value.
Haselkorn & Thibaut, P.A., is currently investigating Kevin Houser. Clients and anyone having information on the sales practices can call 1-800-856-3352.
Complaint History of Kevin Houser
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Prior to Ameriprise, Houser has been registered as a broker and/or investment advisor with LPL Financial, Wachovia Securities, Citigroup Global Markets, and Merrill Lynch, Pierce, Fenner & Smith, over a career in the industry spanning 25 years.
His BrokerCheck record reveals several customer disputes, some as old as 2016, that convey an impression that he has not always acted in the best interest of his clients while recommending investments and investing strategies.
These are:
November 2016 – Customer has claimed $687,661 on grounds of unsuitability.
July 2020 – The customer, a conservative investor, contends that the Franklin Square BDC and AXA annuities recommended by Houser should not have been recommended. The customer claims $300K in damages.
November 2020 – Customer seeks $292K in damages on account of losses incurred on unsuitable investments recommended by Houser. These were Franklin Square BDC (business development company), CIM REIT (real estate investment trust), and Cole Credit Property Trust IV (also a REIT).
November 2020 – The customer has claimed that the Franklin Square BDC (business development company), CIM REIT (real estate investment trust), and Cole Credit Property Trust IV (also a REIT) recommended to him were unsuitable and misleading, given his conservative investing profile. He seeks $358K in damages.
Understanding Alternative Investments
As they could be of many different types, it is difficult to fit one definition to describe alternative investments. The best way might be to say what they are not; they are not traditional investments like shares and bonds and CDs. They are riskier and volatile and may offer limited liquidity options.
These are now available to retail investors as well. They are attractive to brokers because they offer higher commissions than traditional investments. Hence, the lure of the extra commission leads them to push alternative investment products even where they may not be a suitable investment option for many retail investors.
Business Developments Companies (BDCs), non-traded REITs, private placements, and oil and gas investments are some of the more common forms of alternative investments that have been known to cause distress to retail investors in the past.
What should investors do?
The investment fraud attorneys at Haselkorn & Thibaut work for investors all over the country and represent them in their efforts at recovering losses they have suffered on account of fraud or malpractices on part of their broker or broker-dealer. We have over 50 years of experience and a 95% win rate against the biggest Wall Street firms and helping investors recover their losses.
If you have suffered investment losses while working with Ameriprise Financial Services or with stockbroker Kevin Douglas Houser, please contact us at 1-800-856-3352 to check out your options.
