Customer Complaint Filed Against Ameriprise’s Michael Jay Pepe
Michael Jay Pepe (CRD: 1172861) is an Ameriprise Financial Services, Inc. broker based in the Tampa, Florida area. According to Pepe’s FINRA BrokerCheck profile, he is currently, or was previously, the subject of at least six customer-initiated, investment-related disputes (comprised of complaints or arbitrations) containing allegations of sales practice violations including unauthorized and unsuitable trading. The customers’ disputes concern Pepe’s activities when working with UBS Financial Services Inc. (1994 – 2007), JHS Capital Advisors, LLC (2010 – 2015) and Ameriprise (2015 – present). The following contains a brief summary of those disputes:
May 10, 2018 Arbitration #18-01785: The Ameriprise customer alleged that Pepe engaged in unsuitable and unauthorized trading of stock and asset-backed debt investments. According to the customer, a well-managed, suitable portfolio could have yielded the customer a $750,000 profit. The customer is seeking $750,000 in damages as a result.
October 10, 2008 Complaint: The UBS customer brought the complaint after incurring losses on municipal debt auction rate securities during the time that the auction rate securities market suffered from mass illiquidity. The complaint was eventually settled on January 4, 2010 for $50,000.
June 17, 2005 Complaint: The UBS customer alleged that municipal debt trades were executed in the customer’s account without authorization having been provided by the customer. UBS reported that the customer’s damages were projected to exceed $5,000 but denied the complaint.
March 3, 2005 Arbitration #05-01011: Several UBS customers alleged that Pepe engaged in unsuitable recommendations pertaining to over-the-counter equities, and over-concentrated the customers’ assets in those securities between 1999 and 2004. On January 3, 2006, the customers acquiesced to settling the arbitration for $159,500 in damages.
April 22, 2002 Complaint: Unauthorized trading was alleged by a UBS customer. After initialing having denied the customer’s allegation on September 16, 2002, UBS ultimately settled with the customer for $200,000 in damages.
June 7, 2000 Complaint: Pepe was alleged by a PaineWebber Inc. (now known as UBS) customer to have traded in the customer’s account without gaining the customer’s permission; and having selected stock, mutual funds and bonds for the customer’s account despite those investments failing to be suitable for the customer. The customer sought $88,890 in damages; however, the complaint was not pursued as of November 27, 2000.
Gregory Tendrich, P.A. is focused on recovering losses for investors who are victim to sales practice violations such as unauthorized and unsuitable trading. If you have lost money by investing with Michael Jay Pepe or another broker, contact Gregory Tendrich today for a review of your case and discussion of your legal options.