There are Recent Customer Complaints with Broker Drew Peacock in Firm Ameriprise Financial Services, LLC

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Drew Peacock (Peacock), previously associated with Ameriprise Financial Services, LLC, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Peacock recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $132,163.68 on November 12, 2024.

The clients verbally alleged incorrect information was provided by the representative on bond purchases completed in january and february of 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $15,022.23 on September 24, 2024.

The clients verbally alleged that the advisor provided incorrect information regarding the future appreciation of activision bonds purchased in january and february 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $607,235.12 on September 05, 2024.

The client’s attorney alleges the advisor misrepresented performance potential of activision bonds purchased in 2022 and 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $16,694.55 on September 03, 2024.

The client verbally alleged incorrect information was provided by the representative on bond purchases completed in december 2022 and january 2023.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $63,956.00 on July 28, 2024.

The client alleged the advisor purchased activision bonds in january 2023 without authorization.

Under the securities laws brokers are obligated to act in their clients’ best interests and provide only suitable recommendations for investments to the client. In addition, the SEC has promulgated ‘Regulation Best Interest (Reg BI)‘ which according to the SEC enhanced the broker-dealer standard of conduct beyond existing suitability obligations and requires broker-dealers to act in the best interest of a retail customer when making a recommendation of any securities transaction or investment strategy involving securities. Regulation Best Interest and the fiduciary standard for investment advisers are drawn from key fiduciary principles that include an obligation to act in the retail investor’s best interest and not to place their own interests ahead of the investor’s interest.

Brokers have an obligation to first obtain and evaluate sufficient information about a retail investor to form a reasonable basis to believe the account recommendations are in the retail investor’s best interest. Recommendations cannot be based on materially inaccurate or incomplete information. Data on the investor and the expense of the advice are consistently part of material information. Types of costs that must be considered including account fees, commissions and transaction costs, tax considerations, as well as indirect costs.

In addition to obligation to understand the customer the broker must also investigate the product being sold. FINRA firms have an obligation to conduct a reasonable investigation of the issuer and the securities they recommend in offerings. A brokerage firm has a special relationship with a customer from the fact that in recommending the security, the broker represents to the customer that a reasonable investigation has been made. So, a brokerage firm should not depend solely on the issuer for data about a company instead of performing its own thorough review.

Another protective measure is to require broker discloses. FINRA requires the broker to disclosure events such as customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters on their public BrokerCheck reports. FINRA has recognized that recent research shows brokers with a past record of regulatory or customer complaint issues are more likely to have such problems again in the future. FINRA’s Office of the Chief Economist (OCE) published a study showing the predictability of disciplinary and disclosure events based on past similar events. The OCE study showed that past disclosure events, including regulatory actions, customer arbitrations and litigations of brokers, have significant power to predict future investor harm. The data shows that where a member firm on-boards brokers with a significant history of misconduct there is a high likelihood that the broker will continue to engage in similar behavior.

Peacock has been in the securities industry for more than 13 years. Peacock has been registered as a Broker with Ameriprise Financial Services, LLC since 2019.

Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.

 

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