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Former Ameriprise Employee Says Firm Lied to Him -- and FINRA Panels Forgives Promissory Note Debt

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Sep 1, 2010 11:17 am

In these daunting financial times, former employees are simply not ripping checks out of their checkbooks, filling in their former employer's name, and entering the full amount of PN balances.  Not only are former employees contesting these arbitrations but the defenses behind such battling respondents' counterclaims are part of a swelling industry chorus of similar complaints: You promised me support and considerations but you never delivered on them!

In a Statement of Claim filed in October 2009, Claimant Ameriprise sought to recover $114,887.83 in damages as a result of Respondent Waro's failure to repay the outstanding balance due on a Promissory Note ("PN") from July 2007.  Respondent generally denied the allegations. In the Matter of the Arbitration Between Ameriprise Advisor Services, Inc., Claimant, versus David W. Waro, Respondent (FINRA Arbitration 09-05778, August 20, 2010)

Respondent Waro filed a Counterclaim seeking $336,415.01 in damages as a result of having been induced to leave his former employer based upon Claimant's misrepresentations.  Respondent alleged that he lost signficant revenue and income following employment by Ameriprise because he did not receive promised infrasturcture support and was required to maintain frequent office hours in Rockford, Illinois rather than being able to service his clients in Wisconsin.  Claimant generally denied those allegations.