Marcial Vargas: Ameriprise Advisor Faces $600K Complaint

Redwood City, California financial advisor Marcial Vargas (CRD# 5953263) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Ameriprise Financial Services.

Mr. Vargas’s BrokerCheck report discloses one investor complaint. Filed in July 2024, it alleges that as a representative of Ameriprise Financial Services, he breached his fiduciary duty, recommended unsuitable investments, and misrepresented the nature of the products he recommended. The pending complaint alleges damages of $600,000.

The term “unsuitable,” according to FINRA Rule 2111, describes investments that are not appropriate for a client’s investment profile. As the rule stipulates, brokers must have a reasonable basis to believe their recommendations are suitable, based on reasonable diligence into a customer’s background and objectives. FINRA Rule 2020, meanwhile stipulates that brokers may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” In other words, they are forbidden from misrepresenting material information related to their recommendations. Representatives who violate these rules may be liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Marcial Vargas holds 12 years of securities industry experience. Based in Redwood City, California, he has been registered as a broker and an investment advisor with Ameriprise Financial Services since 2022. His past registrations include Wells Fargo Clearing Services (Pacifica, California; 2014-2022), JP Morgan Securities (Daly City, California; 2012-2014), and Chase Investment Services (San Francisco, California; 2011-2012). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona and California. (Information current as of August 10, 2024.)

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