George Papadoyannis – Ameriprise Financial Services Inc – Fraud
George Papadoyannis Ameriprise is a financial advisor who has faced numerous legal disputes with his clients and still has various shady provisions in his disclosures.
These all are major red flags and investors should know about them before doing business with him. To help you make a well-informed decision on whether you should work with George or not, I have written the following review.
It will shed light on some of the various problems George Papadoyannis hides from his current and prospective clients:
About George Papadoyannis Ameriprise: Office, Services, and Divorce
George Papadoyannis is an Ameriprise financial advisor based in San Mateo, California. His office address is 1900 O’Farrell St Ste 360, San Mateo, CA 94403, US and his contact number is 650-593-9170.
He has CFP and MBA certifications and runs the firm Papadoyannis & Associates. Other notable people at this firm include Ryan Lee, Joshua Lelchook, and Natalia Koritskaya. George claims to offer personalized financial advice to help his clients achieve their financial goals. However, his disclosures tell a different story.
A little Google search reveals that George Papadoyannis is undergoing a divorce with Pamela Silvaroli. The divorce lawsuit was filed by his ex-wife on 11-17-2020 in San Mateo County Superior Courts.
This lawsuit is still pending.
Note that George has plenty of experience in dealing with lawsuits as his clients have filed multiple cases against him over the years. In the next section of my review, I have highlighted the various disputes he has had with his clients and the shady provisions present in his disclosures:
Red Flags in the Disclosures of George Papadoyannis Ameriprise
Long History of Legal Disputes
The FINRA BrokerCheck profile of George Papadoyannis shows a staggering number of legal disputes. Such a high number of disputes indicates that George doesn’t put his clients’ interests ahead of his own, a huge red flag.
FINRA BrokerCheck is a detailed database where you can find all the necessary information about an investment advisor. You can find out the educational qualifications, passed exams, years of experience, past employers, state licenses, and the legal disputes an advisor has had on that platform.
The first dispute listed on George’s profile is dated 10-28-2002. Here, the client alleged that George stopped monitoring her accounts almost a year ago without informing her that he was no longer serving as her financial advisor. Because he had recommended her to stay invested in the market, she assumed he was still managing her portfolio.
The client requested $70,000 in damages and claimed losses due to negligence. However, the firm denied these allegations and blamed it all on the client. This is a common tactic among selfish and negligent financial advisors.
George’s second dispute occurred on 3-9-2004. Here, multiple clients questioned the suitability of the annuities within a qualified and the fees associated with the annuities. They requested $11,350.33 in damages and settled the case for $11,568.90.
In his response, George said that he and his firm found the annuities to be suitable but “not the best choice” for the clients.
The third dispute occurred in 2005 where the client alleged that George mismanaged her accounts since 1997 and caused her financial losses by not recommending the proper class of mutual funds for purchase. She requested $5000 in damages and her claim was denied.
However, the claim was denied because the client received relief through a class action lawsuit.
George’s fourth dispute is dated 8-26-2005. Here, the client alleged that his investments were unsuitable based on his investment profile and alleged churning on his accounts. They demanded $5,000 in damages but their claim was also denied.
The firm responded by saying that they found nothing wrong in the investments and their suitability. They also found no evidence of churning within the accounts.
In all of his disputes, George Papadoyannis shifted the blame on his clients and avoided any accountability. This is a common tactic among shady financial advisors and the following provisions show how he is able to get away with it.
Putting Clients at Excessive Risk
A prominent issue with George Papadoyannis is that he charges performance-based fees. When your advisor charges performance-based fees, they must beat a specific benchmark to make money.
In order to beat the specific benchmark, they employ high-risk strategies regardless of their suitability for their client. Studies show that investment advisors who follow this fee structure tend to double down on the risk, diminishing the returns their client can get .
As a result, you end up paying a high fee while getting poorer returns. Moreover, if you suffer losses because of the high-risk strategies, you can’t hold your advisor responsible for the same. That’s because you “understood the risk” when you sign the agreement as you become a new client.
Using Clients’ Funds for Personal Profits
George Papadoyannis Ameriprise can trade the investments he recommends to his clients. This is particularly a bad deal for clients with large portfolios because it means George and his firm can use your funds to manipulate the returns of certain investments for their personal profits.
If you’re a client of George or his firm, you can ask the names of the investments they trade for themselves to maintain transparency.
After going through the numerous disputes George has had and the predatory provisions present in his disclosures, one thing is clear: He doesn’t care about his clients.
George prioritizes his personal financial growth over his clients’ which is a huge red flag for any investor. Your financial advisor should put your interests ahead of their own.
Moreover, the numerous conflicts of interest present in his disclosures show that it’s more profitable for him to ignore your financial requirements.
Due to all of these reasons, it would be best for you to ignore George Papadoyannis Ameriprise and find someone else.
George Papadoyannis of Ameriprise Financial Services is a selfish advisor with a history of legal disputes. Many of his clients have complained about his unsuitable recommendations over the years. Beware of such advisors!
- Has faced numerous disputes
- Putting clients at excessive risk
- Using clients' funds for personal profits