Gary Ginsberg: Complaints Against Former Royal Alliance Advisor

Gary Ginsberg (CRD# 1175258), a financial advisor based in West Orange, New Jersey, has received investor complaints alleging his advice resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ameriprise Financial Services, having previously been registered with Royal Alliance Associates. 

Mr. Ginsberg’s BrokerCheck report discloses multiple recent investor complaints. The most recent, filed in 2020, alleged that as a representative of Royal Alliance Associates, he conducted an unreasonable level of due diligence into an alternative investment. In 2021 the complaint reached a settlement of $65,000.

A second investor complaint, filed in 2019, alleged that he recommended a real estate product that exposed the client’s principal to unwanted and unreasonable risk. In 2020 the complaint reached a settlement of $12,500. In a statement on the complaint’s disclosure, Mr. Ginsberg described the matter as “a merit-less claim that cherry-picked one or two investments among a portfolio that performed admirably as a whole,” adding that his firm, Royal Alliance Associates, “settled to avoid the cost of arbitration.”

A third investor complaint, filed in 2912, alleged that he failed to follow instructions to open a beneficiary IRA account rather than a traditional IRA account, causing an increased tax liability. The complaint reached a settlement of $30,000. In a comment on the complaint’s disclosure, Mr. Ginsberg wrote that the matter “was settled as a business decision to avoid the costs associated with protracted litigation.”

According to the Financial Industry Regulatory Authority, Gary Ginsberg holds 38 years of securities industry experience. Based in West Orange, New Jersey, he has been a broker and an investment advisor with Ameriprise Financial Services since 2020. He is also registered with the firm’s office in New York City. His past registrations include Royal Alliance Associates (West Orange, New Jersey; 1992-2020), Financial Network Investment Corporation (El Segundo, California; 1989-1992), and Pennsylvania Securities Company. His credentials include the passage of seven securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Combined State Law Examination, or Series 66. He holds 31 state licenses. (Information current as of July 26, 2022.)

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