Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Peter Maller (Maller), currently associated with Osaic Wealth, Inc., has at least 6 disclosable events. These events include 6 customer complaints, alleging that Maller 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 $100,000.00 on November 01, 2024.
Claimant alleges the RR recommended an unsuitable Oil and Gas investment.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $835,000.00 on October 28, 2024.
Claimants allege their RR recommended unsuitable Oil and Gas investments.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $40,000.00 on August 30, 2024.
Claimant alleges their representative recommended an unsuitable Oil and Gas program.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on March 05, 2024.
Claimants allege the RR represented an oil and gas investment as a safe way to generate income with principal security. As the investment began to decline the RR misled Claimants to believing that waiting it out would result in a return of the investment principal. This did not come to fruition as the Claimants suffered a total loss of investment principal.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $375,000.00 on February 16, 2024.
Claimants allege their RR recommended unsuitable Oil and Gas investments.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $270,000.00 on May 10, 2023.
Claimants allege the advisor recommended an unsuitable Oil & Gas investment.
When your financial advisor is providing advice they must adhere to the SEC’s Regulation Best Interest (Reg BI) rule and standard of care. Reg BI replaced the former ‘suitability’ rule and created a ‘best interest’ standard for brokerage firms and registered representatives. This Reg BI standard of care applies to registered representatives making recommendations to customers in the purchase, sale, or exchange of securities or the implementation of investment strategies involving securities and non-securities. The rule also applies to the handling of opening accounts such as account transfers and types of accounts being recommended to be opened. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are different sub-parts of the Reg BI rule that financial professionals must comply with when providing advice. Among those is the duty of care obligation that mandates associated persons to evaluate investment options, review and be knowledgeable the risks and rewards of the investment or service, compare alternative investment products, and ensure that the overall investment strategy aligns with the client’s goals and is in their best interests.Another aspect of the care obligation is focusing on the client’s specific needs which brokers must reasonable understand through obtaining information for the client’s investment profile. In completing a customer’s investment profile the advisor should include information such as the investor’s investment time horizon; liquidity needs; risk tolerance; experience with various investment vehicles; investment objectives and financial goals; assets and debts including outside investment accounts; marital status; tax information; age; and other relevant information that may be individual to the investor that the advisor would need to know to properly render advice or provide services. Using the foregoing information, the associated person then must consider reasonably available investment option to accomplish the investor’s goals as well as alternative investment options that may be cheaper or other important qualities. Finally, the advisor must conclude that there is a reasonable basis to believe that the recommendation being provided is in the investor’s best interest.
An advisor must understand the type of account, securities, and their client in order to meet their care obligations. The type of securities account has the potential to greatly affect retail customers’ costs and investment returns. Different types of securities accounts can offer different features, products, or services, and not all types of accounts or services would be in every investor’s best interest.
Maller entered the securities industry in 1993. Maller has been registered as a Broker with Osaic Wealth, Inc. since 2025.
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.