Investigation Opened: Steve Brundage and Ameriprise Financial Services Face Million-Dollar Investor Complaint
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Haselkorn & Thibaut has opened an investigation into Las Vegas financial advisor Steve Brundage following a recent investor complaint seeking over $1.2 million in damages. If you’ve experienced investment losses while working with Mr. Brundage or Ameriprise Financial Services, you may have options for recovering your funds.
Understanding the Recent Complaint Against Steve Brundage
In September 2025, an investor filed a significant complaint against Steve Brundage (CRD# 2597779), alleging that his investment recommendations resulted in substantial losses. The complaint specifically claims that Mr. Brundage:
- Concentrated customer accounts in mutual funds
- Recommended proprietary variable annuity investments
- Caused alleged damages totaling $1,212,685
This pending complaint represents a serious allegation that warrants careful attention from current and former clients.
Steve Brundage’s Professional Background at Ameriprise
With 29 years of securities industry experience, Steve Brundage has built a long career in financial services. Here’s what investors should know about his professional credentials:
| Professional Details | Information |
|---|---|
| Current Firm | Ameriprise Financial Services |
| Registration Start | 1996 (Broker), 2001 (Investment Advisor) |
| Location | Las Vegas, Nevada |
| State Licenses | 30 states |
| Previous Firm | IDS Life Insurance Company |
Mr. Brundage holds multiple securities licenses, including Series 7, 63, 66, and the SIE examination, demonstrating his qualifications to provide investment advice across numerous states.
Pattern of Complaints: What Investors Should Consider
While one complaint might be an isolated incident, multiple complaints can indicate a pattern of concerning practices. Steve Brundage’s record shows two investor complaints:
2025 Complaint – Concentration and Proprietary Products
The recent complaint raises two significant red flags that investors should understand:
Account Concentration: When advisors concentrate investments in a single type of product or sector, it can expose investors to unnecessary risk. Proper diversification is a fundamental principle of prudent investing.
Proprietary Products: These are investments created and managed by the advisor’s own firm. While not inherently problematic, they can present conflicts of interest if advisors receive higher compensation for selling these products over alternatives that might better suit client needs.
2008 Complaint – Unsuitable Surrender Charges
An earlier complaint alleged that Mr. Brundage recommended an annuity with unsuitable surrender charge periods. This complaint was settled for $4,131.90. Surrender charges can lock investors into products for years, making it expensive or impossible to access their money when needed.
Red Flags Investors Should Watch For
Based on the complaints against Steve Brundage, here are warning signs that may indicate unsuitable investment recommendations:
- Over-concentration in specific investment types rather than proper diversification
- Emphasis on proprietary products that may carry higher fees or commissions
- Recommendations for products with long surrender periods without clear explanation of liquidity needs
- Variable annuities that may not align with your investment timeline or risk tolerance
Your Rights as an Investor
If you’ve worked with Steve Brundage or Ameriprise Financial Services and experienced losses, you have important rights. Financial advisors have a duty to recommend suitable investments based on your individual circumstances, including:
- Your investment objectives and time horizon
- Your risk tolerance and financial situation
- Your need for liquidity and access to funds
- Your overall investment portfolio and diversification needs
When advisors breach these duties, investors may be entitled to recover their losses through FINRA arbitration.
Time Matters: Understanding Statutes of Limitations
Investment fraud claims have strict time limits. Generally, you must file a claim within six years of the purchase date, though this can vary based on when you discovered or should have discovered the issue. Don’t delay in seeking legal counsel if you suspect wrongdoing.
How Haselkorn & Thibaut Can Help
With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has recovered millions for investors nationwide. Our team understands the complexities of securities law and can evaluate whether you have a valid claim against Steve Brundage or Ameriprise Financial Services.
We work on a contingency fee basis – meaning no recovery, no fee. This ensures that every investor has access to quality legal representation regardless of their financial situation.
Take Action Today
If you’ve invested with Steve Brundage and experienced losses, especially in concentrated mutual fund positions or proprietary variable annuities, you deserve answers. Don’t wait for the situation to resolve itself – proactive steps now can make the difference in recovering your losses.
Call Haselkorn & Thibaut today at 1-888-628-5590 for a free, confidential consultation. Our experienced attorneys will review your situation, explain your options, and help you understand the best path forward. There’s no obligation, and all consultations are completely confidential.
Your financial future matters. If you’ve been impacted by unsuitable investment recommendations, concentrated positions, or proprietary products that resulted in losses, you don’t have to face this alone. Contact us today to learn how we can help you seek the recovery you deserve.
