(Dow Jones) A lawsuit filed by a former Ameriprise Financial Services Inc. branch manager alleges that he was fired after he raised numerous concerns about "fraud, forgery, and other practices" within the office.

Michael Loscalso filed his case in a Pennsylvania federal court, claiming that his repeated complaints about advisors' conduct led to the "retaliatory termination" of his employment by Ameriprise Financial Services and its parent company Ameriprise Financial Inc. (AMP)

Loscalso, who joined Ameriprise in 1989, earned $260,000 as a branch manager and supervised more than 50 financial advisors, he said in the complaint. He alleges that Ameriprise sought to protect financially successful advisors on several occasions and the revenue they generated, "rather than meaningfully disciplining those financial advisers who failed to follow the rules," according to the complaint. The advisors' conduct, he alleged, violated Securities and Exchange Commission rules and regulations.

The complaint includes several examples of alleged advisor misconduct, including a situation in which an advisor allegedly allowed his unlicensed assistant to transact client business by processing and completing trades by using the advisor's identification number. The company "failed to address" the problem, Loscalso alleges.

In another example, an advisor allegedly allowed his assistant to sign 30 annuity applications on the advisor's behalf, Loscalso alleges. Ameriprise issued a "mere letter of caution" to the advisor, even though the violation was significant, according to the complaint.

Loscalso claims that he reported "various incidents of misconduct" during 2009, even though the company allegedly didn't respond. He also told several members of Ameriprise management, between late September 2009 and October 2009, that he was considering directing his concerns to regulators, according to the complaint.

He was allegedly terminated for cause in a letter from a regional manager during November 2009 which said he "failed to supervise his financial advisors," according to the complaint.

Loscalso is seeking compensation of lost wages and benefits, punitive damages, legal fees and other relief, according to the complaint.

Ameriprise spokesman Chris Reese said in a statement that Loscalso was terminated because of alleged poor performance. "It was his job to report any advisor issues to us, and we have appropriately addressed the few issues he raised," said Reese. The lawsuit has no merit, Reese said.

The Department of Labor investigated, and later dismissed, Loscalso's allegations, Reese said.

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