Did you lose money investing with Peter Marketos (CRD# 19971184)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Peter Marketos. If you suffered losses investing with Peter Marketos, 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 October 14, 2020, Peter Marketos’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2016049840101
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Peter Chris Marketos (CRD #1997184, Warren, New Jersey) December 18, 2018 – An AWC was issued in which Marketos was assessed a deferred fine of $20,000, suspended from association with any FINRA member in all capacities for one year, ordered to pay $5,233.68, plus interest, in deferred restitution to a customer and is required to attend and satisfactorily complete 10 hours of continuing education concerning suitability, dealing with senior customers and communications with customers. Without admitting or denying the findings, Marketos consented to the sanctions and to the entry of findings that he made unsuitable recommendations to concentrate customers’ investments in speculative, high-yield bonds. The findings stated that none of the customers had prior investment experience with corporate or high-yield bonds. The recommendations that Marketos made resulted in concentrations of between approximately 50 percent to over 90 percent of the customers’ account value in speculative high-yield corporate bonds, which was unsuitable in light of the customers’ investment profiles. Many of the issuers of the company bonds that Marketos had recommended to the customers declared bankruptcy, causing the customers to lose the principal they had invested in those bonds. The findings also stated Marketos negligently sent materially misleading emails containing factually inaccurate statements to customers regarding the risk of high yield bonds in general and the risks of certain bonds in particular. The findings also included Marketos wrote emails to customers that contained unwarranted statements with no sound basis, did not provide a fair and balanced treatment of the risks and benefits of investments, predicted future performance and made performance guarantees. The suspension is in effect from January 7, 2019, through January 6, 2020. (FINRA Case #2016049840101)
Current and Previous Registrations
07/27/2016 – 03/10/2017 CANTELLA & CO., INC. (CRD#:13905) Berkeley Heights, NJ
09/26/2014 – 05/02/2016 RAYMOND JAMES & ASSOCIATES, INC. (CRD#:705) PARAMUS, NJ
01/02/2002 – 10/02/2014 OPPENHEIMER & CO. INC. (CRD#:249) NEW YORK, NY
07/16/1990 – 01/02/2002 PRIME CHARTER LTD. (CRD#:25668) NEW YORK, NY
05/22/1990 – 07/23/1990 OPPENHEIMER & CO., INC. (CRD#:630) NEW YORK, NY
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 Peter Marketos 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.