Ameriprise CEO impersonation case tests advisor fraud responsibility

March 11, 2020 by Tobias Salinger

The man who said he was Ameriprise CEO Jim Cracchiolo told the client that two checks for $250,000 apiece were on the way, according to a lawsuit. The executive also assured the client that his advisor would have the checks.

Problem was, it almost certainly wasn’t Cracchiolo on the phone. And the client, Mark Donelson, had received five years of other calls from apparent impersonators who promised checks that never arrived, according to the potential class action case filed against the advisor, Mark J. Sachse and Ameriprise.

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Originally Posted at Financial Planning on March 2, 2020 by Tobias Salinger.