Advisor Alert: Our Attorneys Are Investigating Andrew A Drost For Investment Fraud
Did You Lose Money Because of Andrew Drost?
Filed: January 18, 2024
Andrew Drost has been the subject of three (3) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Andrew A Drost.
Who Is Andrew A Drost?
- Advisor Name: Andrew A Drost
- Aliases: Andrew Drost
- CRD: 2466963
- Location: Melville, New York
- Current Employer: Ameriprise Financial Services, LLC
- Previous Firms: IDS Life Insurance Company
- Number of Known Customer Complaints: 3
- Can Andrew Drost Be Sued: Yes, in Private Arbitration
- Can Andrew Drost’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $394,000
- Highest Settlement: $45,000
If you have suffered investment losses by Andrew Drost, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Andrew Drost For Broker Misconduct
As of this publication date, Andrew Drost has been the subject of 3 customer disputes. Let’s review them below.
In February 2019, a FINRA arbitration was filed against or in reference to Andrew Drost by multiple customers of Ameriprise Financial Services, LLC alleging that Mr. Drost recommended that the clients make an unsuitable 1031 Exchange with the proceeds of the sale of a building and reinvest the sale proceeds in three TIC investments in order to defer capital gains. The clients allege that one of the three TIC’s recommended was unsuitable and that they did not know that it was a TIC investment until in 2017, when the distributions were suspended. Claimants seek rescission of the TIC and recovery of the full investment. Per the customers, they lost over $394,000 because of Mr. Drost’s actions. On August 25, 2022, Mr. Drost settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Drost’s employer and/or insurance carrier.
In October 2014, a FINRA arbitration was filed against or in reference to Andrew Drost by a customer of Ameriprise Financial Services, LLC alleging that the client’s REIT purchases in May 2007, October 2008, February 2012 and August 2012 were unsuitable. Per the customer, he/she lost over $99,849.04 because of Mr. Drost’s actions.
In March 2013, a FINRA arbitration was filed against or in reference to Andrew Drost by a customer of Ameriprise Financial Services, LLC alleging unsuitable investments; violations of FINRA conduct rules; negligent misrepresentations; breach of fiduciary duty; constructive fraud; and breach of contract. Per the customer, he/she lost over $42,000 because of Mr. Drost’s actions. An arbitration panel found that Andrew Drost was negligent and awarded $25,218.06 in favor of the customers.
How To File A Claim Against Andrew Drost of Ameriprise Financial Services, LLC (previously with IDS Life Insurance Company) To Get Your Money Back
If you have questions about Andrew Drost, Ameriprise Financial Services, LLC, IDS Life Insurance Company, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.