Our firm is investigating Michael A. Bruggemann (CRD# 5500983), a financial advisor and stockbroker with Ameriprise Financial Services, LLCncial Services, LLC”, working out of Honolulu for potential investment-related misconduct.
Financial Advisor’s Career History
Based on the available registration and employment history, Michael A. Bruggemann’s reported securities industry experience includes:
- Ameriprise Financial Services, LLC: 11/2017 – Present (Honolulu, HI branch)
- SagePoint Financial, Inc.: 07/2013 – 11/2017 (Honolulu, HI; firm also lists Phoenix, AZ as the main location in the report)
- AXA Advisors, LLC: 04/2008 – 07/2013 (Honolulu, HI)
The report also lists a non-investment-related role (real estate referral agent) during an overlapping period.
Disclosure Events and Red Flags
Michael A. Bruggemann Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects one customer dispute reported for Michael A. Bruggemann.
FINRA Arbitration Alleging Unsuitable “Equity Fund” Recommendations
A customer dispute reported on BrokerCheck states that claimants alleged the representative recommended investments that were unsuitable, identified in the disclosure as “Other: Equity Fund.”
- Forum / Location: FINRA arbitration
- Case #: 21-02015
- Date complaint received / filing date: 08/05/2021
- Employing firm at time of alleged activity: SagePoint Financial, Inc.
- Alleged damages: $180,000.00
- Disposition: Settled
- Status date: 08/04/2022
- Settlement amount: $25,000.00
- Individual contribution amount: $0.00
The disclosure also includes a broker statement asserting he was not named in the complaint and that the former broker-dealer settled rather than litigate.
Disclosure Snapshot (Bullet Summary)
- Customer Dispute / Arbitration (Settled): Alleged unsuitable recommendations (“Other: Equity Fund”); alleged damages $180,000; FINRA Case #21-02015; filed/received 08/05/2021; settled 08/04/2022 for $25,000 (individual contribution $0).
To obtain a copy of Michael A. Bruggemann’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is central when an investor alleges a recommendation was not appropriate. In a dispute alleging unsuitable “equity fund” recommendations, Rule 2111 analysis typically focuses on whether the advisor had a reasonable basis to believe the recommended investment or strategy fit the customer’s investment profile (objectives, risk tolerance, liquidity needs, time horizon, and concentration).
FINRA Rule 2090 (Know Your Customer) requires reasonable diligence to understand the essential facts about a customer. In unsuitability disputes, Rule 2090 becomes important when allegations imply the advisor did not adequately develop or consider the customer’s essential facts before recommending the investment.
FINRA Rule 3110 (Supervision) requires firms to establish and maintain supervisory systems reasonably designed to achieve compliance and monitor sales practices. Where a customer alleges unsuitable recommendations occurred while the advisor was associated with a particular broker-dealer, Rule 3110 is often evaluated in terms of whether the firm’s oversight, review processes, and supervisory controls were reasonably designed to detect and prevent the alleged broker misconduct.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.