A former manager of an Ameriprise branch office in Pennsylvania has filed a federal whistelblower lawsuit, claiming he was fired in retaliation for complaining of "fraud, forgery and other practices" at the company, the Star Tribune reports.
According to the news provider, New Jersey native Michael Loscalso began working at the firm in 1989, eventually rising to the position of branch manager and registered principal. He earned $260,000 a year and was responsible for supervising several dozen advisers and 60 staff members.
But after he was fired, Loscalso decided to file the lawsuit after he failed to receive the necessary help from the federal Department of Labor, which had investigated his claims but did not issue a final decision, according to the news provider.
Loscalso was allegedly fired after an internal investigation by Ameriprise's field governance board concluded that he had failed to properly supervise the advisers under him. Loscalso denies that claim.
A spokesman for the Minneapolis-based company, Chris Reese, called Loscalso's lawsuit baseless, adding that the company will contest it vigorously.