Did you lose money investing with Murray Petersen (CRD# 1311730)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Murray Petersen. If you suffered losses investing with Murray Petersen, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 23, 2023, Murray Petersen’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
15 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
1 Financial Disclosure
5 Judgment(s)/Liens
November 22, 2021 – An AWC was issued in which Petersen was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Petersen consented to the sanction and to the entry of findings that he engaged in an unapproved OBA by selling jewelry for investment purposes and receiving commissions for the sales. The findings stated that Petersen’s member firm initially approved the OBA but later withdrew its approval. Petersen, however, continued to participate in the OBA and received approximately $115,900 in jewelry sales commissions. The findings also stated that Petersen participated in two undisclosed private securities transactions while associated with a different member firm. Petersen introduced two customers to an investment offered by the jewelry company and helped facilitate their investments. Each investor signed a contract for the investments that stated that the investment would be used to fund the manufacture of diamond jewelry for sale to retail stores in China and other Asian markets. The contract stated that the jewelry company would handle all jewelry sales to these markets and would make periodic payments to investors for one year and it entitled the investors to a percentage of the profits obtained by the company from the jewelry sales. However, the customers only received a portion of the total payments and did not receive any distribution of profits earned by the company on jewelry sales. The company also never returned any of the principal amount of the customers’ initial investments. Petersen did not provide written notice to the firm and did not obtain written permission from the firm for his participation in these private securities transactions. Although these transactions were outside the scope of Petersen’s employment with the firm, he inaccurately stated in annual compliance questionnaires that he had not engaged in any private securities transactions. (FINRA Case #2019064432901)
Current and Previous Registrations
12/12/2019 – 06/04/2020 AMERIPRISE FINANCIAL SERVICES, LLC (CRD#:6363) ROSEVILLE, CA
11/03/2015 – 10/29/2019 SCF SECURITIES, INC. (CRD#:47275) ROSEVILLE, CA
11/02/2012 – 11/02/2015 WFG INVESTMENTS, INC. (CRD#:22704) ROSEVILLE, CA
05/27/2008 – 11/02/2012 COMMONWEALTH FINANCIAL NETWORK (CRD#:8032) ROSEVILLE, CA
11/21/1984 – 05/28/2008 FINANCIAL NETWORK INVESTMENT CORPORATION (CRD#:13572) GOLD RIVER, CA
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Murray Petersen and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
