Advisor Alert: Our Attorneys Are Investigating Maria Elva Alvarez For Investment Fraud

Chetan Patil on January 25, 2024

Did You Lose Money Because of Maria Elva Alvarez?

Filed: January 24, 2024

Maria Alvarez (also known as Elva Alvarez) has been the subject of two (2) termination events and fourteen (14) 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 Maria Elva Alvarez.

Who Is Maria Elva Alvarez?

  • Advisor Name: Maria Elva Alvarez
  • Aliases: Elva Alvarez
  • CRD: 4141564
  • Location: McAllen, Texas
  • Current Employer: Currently Not Registered
  • Previous Firms: Ameriprise Financial Services, LLC, Investment Professionals, Inc., and Chase Investment Services Corp.
  • Number of Known Customer Complaints: 14
  • Number of Known Termination Events: 2
  • Can Maria Alvarez Be Sued: Yes, in Private Arbitration
  • Can Maria Alvarez’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $1,450,000
  • Highest Settlement: $850,000

If you have suffered investment losses by Maria Alvarez, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty 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 Maria Elva Alvarez For Broker Misconduct

As of this publication date, Maria Alvarez has been the subject of 2 termination events and 14 customer disputes. Let’s review them below.

In September 2020, Ameriprise Financial terminated Maria Alvarez for violation of company policies related to the custody and transfer of client funds.

In July 2020, a FINRA arbitration was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging that on or about April 2018 his IPI advisor solicited and recommended an outside investment of $500,000 in diesel. The claimant alleges that he has not been repaid the $500,000 nor received any earnings. In addition, he alleges that he incurred tax liabilities of at least $200,000 because of the withdrawal of the investment amount. Claimant’s causes of action are negligence; negligent supervision; negligent hiring/retention; breach of fiduciary duty, and joint venture/joint enterprise liability. The case was originally filed in state court and received on 4/8/20. Ameriprise received the statement of claim on 7/30/20. Claimant filed an Amended Statement of Claim on 10/13/20 in which he expanded his claim to include allegations that the variable annuity he purchased in 2015 was unsuitable. Per the customer, he lost over $1,450,000 because of Ms. Alvarez’s actions. On September 2, 2021, Ms. Alvarez settled the claim for $850,000, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In March 2012, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation regarding variable annuity investment. Per the customer, he/she lost over $182,000 because of Ms. Alvarez’s actions. On August 22, 2012, Ms. Alvarez settled the claim for $19,989.47, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In April 2009, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity investment. Per the customer, he/she lost over $23,636.39 because of Ms. Alvarez’s actions. On April 23, 2009, Ms. Alvarez settled the claim for $22,636.39, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In April 2009, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging that subsequent purchases were not principal guaranteed as initial purchase was. Per the customer, he/she lost over $36,318.95 because of Ms. Alvarez’s actions. On March 31, 2009, Ms. Alvarez settled the claim for $24,844.08, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In April 2009, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity. Per the customer, he/she lost over $5,000 because of Ms. Alvarez’s actions.

In November 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging that a contribution to an offshore investment contract did not contain a guarantee feature which had been included on all previous contributions. Per the customer, he/she lost over $150,000 because of Ms. Alvarez’s actions. On January 30, 2009, Ms. Alvarez settled the claim for $41,568.39, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In November 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity.. Per the customer, he/she lost over $10,800 because of Ms. Alvarez’s actions. On March 24, 2009, Ms. Alvarez settled the claim for $10,784.32, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In October 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to an offshore variable annuity. Per the customer, he/she lost over $41,227.92 because of Ms. Alvarez’s actions.

In October 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity investment. Per the customer, he/she lost over $19,000 because of Ms. Alvarez’s actions. On May 13, 2009, Ms. Alvarez settled the claim for $4,937.44, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In September 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity investment. Per the customer, he/she lost over $5,877.73 because of Ms. Alvarez’s actions.

In June 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation relating to a variable annuity. Per the customer, he/she lost over $13,113 because of Ms. Alvarez’s actions. On July 7, 2008, Ms. Alvarez settled the claim for $13,113, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In June 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation in connection with an offshore variable annuity. Per the customer, he/she lost over $8,409.74 because of Ms. Alvarez’s actions. On August 14, 2008, Ms. Alvarez settled the claim for $8,409.74, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In June 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentation in connection with an offshore variable annuity. Per the customer, he/she lost over $7,133.28 because of Ms. Alvarez’s actions. On August 7, 2008, Ms. Alvarez settled the claim for $2,133.28, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In June 2008, a complaint was filed against or in reference to Maria Alvarez by a customer of Chase Investment Services Corp. alleging misrepresentations and suitability in connection with a variable annuity investment. Per the customer, he/she lost over $20,000 because of Ms. Alvarez’s actions. On August 8, 2008, Ms. Alvarez settled the claim for $28,205.87, and some or all of this amount may have been paid by Ms. Alvarez’s employer and/or insurance carrier.

In October 2007, Ameriprise Financial terminated Maria Alvarez for allegedly being under internal review for possible alteration of documents. Conclusion was documents appeared altered, but the result ended in no harm or loss.

How To File A Claim Against Maria Elva Alvarez (previously with Ameriprise Financial Services, LLC, Investment Professionals, Inc., and Chase Investment Services Corp.) To Get Your Money Back.

If you have questions about Maria Alvarez, Ameriprise Financial Services, LLC, Investment Professionals, Inc., Chase Investment Services Corp., 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.