Our firm is investigating Ameriprise Financial Services, LLC broker and investment adviser representative Benjamin Joseph Ankrum (CRD# 5456039) of Fargo, North Dakota for potential investment-related misconduct involving variable annuity recommendations.
Financial Advisor’s Career History
Benjamin Joseph Ankrum is currently registered with Ameriprise Financial Services, LLC in Fargo, North Dakota. According to FINRA BrokerCheck, he has been registered with Ameriprise Financial Services, LLC as an investment adviser representative since December 21, 2009, and as a broker since December 22, 2009.
Ankrum’s reported employment history includes:
- Ameriprise Financial Services, LLC — Registered representative, Fargo, North Dakota, March 2020 to present.
- Ameriprise Financial Services, Inc. — Registered representative, Fargo, North Dakota, November 2007 to March 2020.
FINRA BrokerCheck reports that Ankrum is registered with one self-regulatory organization and licensed in 23 U.S. states and territories. His listed branch office location is 3350 13th Avenue South, Suite G, Fargo, North Dakota 58103.
Benjamin Joseph Ankrum Fraud Allegations and Investor Complaints Explained
According to FINRA BrokerCheck, Benjamin Joseph Ankrum has one disclosed customer dispute. The disclosure was reported by the broker and involved Ameriprise Financial Services, LLC, the employing firm at the time of the alleged conduct.
The customer alleged that investment recommendations made by Ankrum from December 2023 to March 2024 were not suitable given the customer’s stated investment objectives. The product involved was a variable annuity, and the alleged damages were $15,343.32.
The complaint was received on March 9, 2026. FINRA BrokerCheck reports that the complaint was not pending and that the status was denied as of April 9, 2026. The disclosure reflects that the matter was a written customer complaint, not an arbitration, CFTC reparation, or civil litigation.
Customer Dispute Disclosure
- Disclosure Type: Customer Dispute
- Reporting Source: Broker
- Employing Firm: Ameriprise Financial Services, LLC
- Allegations: The client alleged that investment recommendations made by the advisor from December 2023 to March 2024 were not suitable given the client’s stated investment objectives.
- Product Type: Variable Annuity
- Alleged Damages: $15,343.32
- Date Complaint Received: March 9, 2026
- Complaint Pending: No
- Status: Denied
- Status Date: April 9, 2026
- Written Complaint: Yes
- Arbitration/CFTC Reparation/Civil Litigation: No
To obtain a copy of Benjamin Joseph Ankrum’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
Investors who suffered losses after receiving variable annuity recommendations from Benjamin Joseph Ankrum may have legal rights to pursue recovery through FINRA arbitration or other available remedies. Although the disclosed customer complaint was denied, allegations involving unsuitable annuity recommendations can raise important questions about whether the investment matched the customer’s objectives, risk tolerance, liquidity needs, financial profile, and overall investment circumstances.
FINRA Rule 2111 — Suitability is relevant because the customer dispute alleges that Ankrum made investment recommendations that were not suitable based on the customer’s stated investment objectives. FINRA Rule 2111 requires a broker or associated person to have a reasonable basis to believe that a recommendation or investment strategy is suitable for the customer based on the customer’s investment profile, and FINRA explains that suitability includes reasonable-basis, customer-specific, and quantitative suitability obligations. In a variable annuity case, this analysis may focus on whether the recommendation fit the customer’s objectives, risk tolerance, time horizon, liquidity needs, and financial ability to maintain the investment.
FINRA Rule 2090 — Know Your Customer is also implicated because a broker cannot properly assess whether a variable annuity recommendation is suitable without first understanding and retaining the essential facts about the customer. FINRA Rule 2090 requires firms to use reasonable diligence in opening and maintaining accounts to know essential facts about every customer. In the context of Ankrum’s disclosed complaint, the rule would be relevant to whether the customer’s investment objectives and other essential account facts were adequately understood before the annuity recommendation was made.
FINRA Rule 2330 — Members’ Responsibilities Regarding Deferred Variable Annuities may be relevant because the disclosed product type was a variable annuity. FINRA Rule 2330 applies to recommended purchases and exchanges of deferred variable annuities and requires a reasonable basis to believe the transaction is suitable under Rule 2111, including consideration of features such as surrender periods, surrender charges, tax penalties, fees, riders, insurance components, investment components, and market risk. In a complaint alleging unsuitable variable annuity recommendations, Rule 2330 may be central to evaluating whether the customer was properly informed and whether the annuity’s features were appropriate for that particular investor.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.