Sam Prapaniku: $115K Complaint Against Ex-Bancorp Advisor

Costa Mesa, California financial advisor Sam Prapaniku (CRD# 5499421) recently received an investor complaint alleging that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Ameriprise Financial Services, having previously been registered with US Bancorp Investments.

Mr. Prapaniku’s BrokerCheck report discloses several investor complaints. The most recent, filed in April 2024, alleges that as a representative of US Bancorp Investments, he recommended unsuitable variable annuity products. The pending complaint alleges damages of $115,259.

A second investor complaint, filed in 2023, alleged that as a US Bancorp representative, he did not adequately explain the details and risks associated with a unit investment trust product. The complaint alleged damages of $85,455.72 and was denied by the firm.

Ameriprise Financial Services’ website includes a page that describes Mr. Prapaniku’s “personalized goal-based advice” and his approach to working with his clients. “We begin with what’s most important to you—from goals that can include retirement or education, to a major purchase like a second home,” it explains. “I provide investment, asset allocation and portfolio recommendations based on your individual goals and personal risk tolerance.”

According to the Financial Industry Regulatory Authority Sam Prapaniku holds 14 years of securities industry experience. Based in Costa Mesa, California, he has been registered as a broker and an investment advisor with Ameriprise Financial Services since March 2024. His past registrations include US Bancorp Investments (Encino, California; 2013-2024), Invest Financial Corporation (Westlake Village, California; 2012-2013), Chase Investment Services (Thousand Oaks, California; 2010-2012), and World Group Securities (Woodland Hills,  California; 2008-2009). His credentials include the passage of six securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; 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; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Missouri, Montana, Nevada, Oregon, Texas, Utah, and Wisconsin. (Information current as of June 8, 2024.)

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