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Mutual Fund Complaints Against Ted Boutis, Ameriprise Advisor
Mineola, New York financial advisor Ted Boutis (CRD# 2951760) is involved in investor complaints alleging misconduct in connection with investments in C-share mutual funds. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Ameriprise Financial Services.
Mr. Boutis’s BrokerCheck report discloses four investor complaints. The most recent, filed in September 2022, alleges that he misrepresented and recommended unsuitable mutual fund investments. The pending complaint alleges unspecified damages.
An earlier complaint, filed in 2021, alleged that as a representative of Ameriprise Financial Services, he made unsuitable investment recommendations involving “C-share mutual funds, variable annuities, and the use of margin.” In June 2022 the complaint reached a settlement of $69,500. In a “Broker Statement” on the disclosure, Mr. Boutis noted that the complaint’s respondents “settled the case in order to avoid the costs and risks associated with FINRA arbitration.”
A third investor complaint, filed in 2021, similarly alleged he unsuitably recommended the use of margin, as well as investments in C-share mutual funds and variable annuities. In June 2022 the complaint reached a settlement of $125,000, with Mr. Boutis again noting in a comment on the disclosure that the claim was settled to avoid the costs and risks of arbitration proceedings.
A fourth investor complaint, filed in 2020, alleged he provided “poor investment recommendations” involving C-share mutual funds. In May 2022 the complaint reached a settlement of $70,000.
According to the Financial Industry Regulatory Authority, Ted Boutis holds 25 years of securities industry experience. Based in Mineola, New York, he has been a broker and an investment advisor with Ameriprise Financial Services since 1997 and 2006, respectively. He was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota from 1997 until 2006. Having passed three securities industry qualifying exams, he currently holds 19 state licenses. (Information current as of December 5, 2022.)
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