Ameriprise Broker Wins $200K-Plus from Firm on Options Claim
(Updated with a “no comment” from Ameriprise in eighth paragraph.)
Keep on top of the deferred comp your firm grants you, a Financial Industry Regulatory Authority arbitration panel signaled this week.
Lawrence D. Sangirardi, a Long Island, New York, broker who has spent his 27-year career at Ameriprise Financial Services and its predecessor IDS Life Insurance Co., filed a claim in June 2017 for payment equal to the value of more than 4,500 options he said Ameriprise refused to honor, according to an award posted on the regulator’s dispute resolution website on Tuesday.
He sought $389,000 plus interest, as well as punitive damages and attorneys’ fees.
Ameriprise, which granted him the options as a broker within its employee channel, denied the claim and asked that Sangirardi pick up its attorneys’ and arbitration forum fees.
The arbitrators in the unusual case awarded Sangirardi $202,500, or 52% of the options’ reputed value, and denied all other requests for damages and awards.
In its terse but informative two-sentence explanation of the award, the three-person arbitration panel in New York City cast blame on both parties.
“Respondent failed to give adequate notice at the time of modifying the expiration date,” the two public and one industry-affiliated arbitrators wrote about Ameriprise. “This failure is offset by Claimant’s negligent failure to adequately monitor his stock options.”
Neither Sangirardi nor his lawyer, David E. Mollon, immediately returned requests for comment on the award. An Ameriprise spokeswoman declined to comment on the award or on the firm’s options-granting policies.
The arbitration panel included two public members and a third who is an investment adviser.
Sangirardi, whose Ameriprise website at Marinaccio, Miller, Sangirardi & Associates in Melville, NY, says, “I help my clients plan well for today and the future,” has no disclosures on his BrokerCheck history.
Ameriprise, whose shares reached a high of $182.37 over the past 52 weeks, closed on Tuesday at $144.01 a share.