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Read MorePhilip Watson: Ameriprise Advisor Has REIT Complaint
A recent investor complaint against Downers Grove, Illinois financial advisor Philip Watson (CRD# 2400788) alleged that he provided misleading advice regarding an REIT investment. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ameriprise Financial Services.
Mr. Watson’s BrokerCheck report discloses two investor complaints. The most recent, filed in April 2022, alleged that he misrepresented the risk associated with real estate investment trust (REIT) purchases in 2011 and 2015. The complaint alleged damages of $52,000 and was denied by Ameriprise Financial Services.
An earlier investor complaint, filed in 2006, alleged unauthorized charges, unsuitable investment recommendations, unauthorized outside business activity, supervisory failures, unauthorized personal loans, breach of contract, breach of fiduciary duty, and violation of Arizona’s racketeering statutes. In 2007 the complaint reached a settlement of $950,000.
In a statement on the settled complaint’s disclosure, Mr. Watson noted that Ameriprise settled the matter “in order to avoid the costs associated with arbitration” and that he was “dismissed from the case as part of the settlement.”
According to the Financial Industry Regulatory Authority, Philip Watson holds 28 years of securities industry experience. Based in Downers Grove, Illinois, he has been a broker and an investment advisor with Ameriprise Financial Services since 1993 and 1997, respectively. His past registrations include Securities America and IDS Life Insurance Company. His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; 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; and the Uniform Investment Adviser Law Examination, or Series 65. He currently holds 35 state licenses. (Information current as of September 26, 2022.)
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