There are Recent Customer Complaints with Broker Peter Lawrence in Firm American Portfolios Financial Services, Inc.

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Lawrence (Lawrence), previously associated with American Portfolios Financial Services, Inc., has at least 15 disclosable events. These events include 14 customer complaints, one tax lien, alleging that Lawrence recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $9,810.56 on November 19, 2024.

Customer alleges financial professional forged signatures to purchase a variable annuity in 2021.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $12,500.00 on November 02, 2024.

Customer alleges financial professional forged suitability documents to justify mutual fund purchases.

FINRA BrokerCheck shows a final customer complaint on October 03, 2024.

Respondent Lawrence failed to respond to FINRA requests for information.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on May 11, 2024.

Customers allege financial professional forged their signatures and executed unauthorized trades and transfers.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on May 01, 2024.

Customer alleges financial professional forged signatures to purchase a variable annuity in 2023.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $6,033.00 on February 21, 2024.

Customer alleges financial professional purchased a variable annuity in 2023 without customer’s knowledge and consent.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $11,442.00 on February 15, 2024.

Customer alleges financial professional purchased a variable annuity in 2021 without customer’s knowledge and consent.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on December 22, 2023.

Customer alleges VA purchased in 2023 was misrepresented and unsuitable.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $12,347.85 on November 07, 2023.

Customer alleges information on a disclosure form used for the purchase of a variable annuity in 2023 was omitted and she did not sign it.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on November 03, 2023.

Customer alleges variable annuity purchased in 2022 was misrepresented.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000.00 on October 27, 2023.

Customer alleges variable annuity purchased in 2022 was misrepresented and unsuitable.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $24,500.00 on October 24, 2023.

Customer alleges variable annuity purchased in 2022 & 2023 was misrepresented and unsuitable.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $80,000.00 on September 27, 2023.

Customer alleges misrepresentation of a variable annuity purchased in 2015.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on September 25, 2023.

Customer alleges products purchased beginning no later than 2012 were unsuitable. Customer further alleges financial professional provided inaccurate portfolio summaries, thereby breaching his fiduciary duty to customer.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on September 25, 2023.

Customer alleges products purchased beginning no later than 2012 were unsuitable. Customer further alleges financial professional provided inaccurate portfolio summaries, thereby breaching his fiduciary duty to customer.

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. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and even criminal matters. FINRA has acknowledged that recent studies provide evidence of the predictability of future regulatory and customer complaint issues for brokers with a history of such events. 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.

Lawrence has been in the securities industry for more than 27 years. Lawrence has been registered as a Broker with American Portfolios Financial Services, Inc. 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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