Ameriprise Advisor Sued by Client’s Estate Over Annuity Switch

October 1, 2024 by Dinah Wisenberg Brin

 An Ameriprise Financial advisor faces a lawsuit alleging financial abuse over investment recommendations he made to an elderly client.

A representative of Edna Bubna’s estate filed suit this week in state court in Oregon against advisor Jason Doneth, Ameriprise Financial and Doneth’s previous firm, LPL Financial.

Bubna, who died in 2022, was 83 when Doneth met with her at her extended care facility and “encouraged her to transfer her assets into a financial vehicle that she did not understand so that he could invest her money,” the lawsuit alleges.

Click HERE to read the full story via Think Advisor

Wink’s Moore on the Market: Um, I may be off here, but shouldn’t you avoid writing annuity business in extended care facilities? -sjm

Originally Posted at Think Advisor on September 27, 2024 by Dinah Wisenberg Brin.