Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Fetherston (Fetherston), previously associated with Aegis Capital Corp., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Fetherston recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint on May 03, 2022.
Fetherston was named a respondent in a FINRA complaint alleging that he converted and misused customer funds. The complaint alleges that Fetherston induced two customers, a married couple, to write him three checks totaling $89,000 by falsely representing to them that they owed him commissions and that he would use a portion of the funds to purchase additional investments in their account at his member firm. The customers did not owe Fetherston any commissions, and Fetherston never invested any of the funds on their behalf. Instead, Fetherston deposited the checks into his personal bank account and spent the funds on personal expenses, including paying off significant debt. The complaint also alleges that Fetherston falsely stated that the customers gave him the funds to help him pay his medical bills and expenses. Then, Fetherston provided FINRA with a handwritten note, purportedly drafted and signed by the customers, stating that they gave Fetherston three checks totaling $89,000 to help him to pay his medical expenses and associated costs. The customers, however, neither wrote nor signed any such note, and they did not give Fetherston any funds to help him pay his medical expenses and associated costs. In addition, Fetherston falsely testified that the customers gave him the money for medical expenses and other associated costs, and that the customers wrote and signed the handwritten note. The complaint further alleges that Fetherston failed to respond to a written request for information. Fetherston provided a partial response to FINRA’s request, but the response was incomplete because he failed to identify the medical expenses that he paid with the money obtained from the customers.