Did you lose money investing with Peter Monson (a/k/a Pete Monson) (CRD# 2203309)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Peter Monson (a/k/a Pete Monson). If you suffered losses investing with Peter Monson (a/k/a Pete Monson), 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 June 18, 2020, Peter Monson (a/k/a Pete Monson)’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
1 Regulatory Event(s)
UPDATE 6/18/2020: According to FINRA’s April 2020 Disciplinary Actions: Peter Douglas Monson (CRD #2203309, Blaine, Minnesota) February 4, 2020 – An AWC was issued in which Monson was fined $7,500 and suspended from association with any FINRA member in all capacities for six months. This AWC does not include a restitution component because the beneficiary of the account at issue previously entered into a settlement with Monson and his member firm regarding the conduct described here. Without admitting or denying the findings, Monson consented to the sanctions and to the entry of findings that he engaged in excessive and unsuitable trading in the Individual Retirement Account (IRA) of his customer. The findings stated that Monson actively traded risky, microcap stocks in the customer’s account, even though the account value had declined by more than 60% since its inception and the customer was facing a serious illness. This decline resulted not only from investment losses and commissions charged for trades, but also from more than $138,000 in withdrawals that the customer used to help finance a family business. The findings also stated that when placing these trades in the customer’s account, Monson regularly exercised discretion without the required authorization from either the customer or the firm for which he worked. Monson also exercised discretion without written authorization when placing trades in the accounts of other customers. The suspension is in effect from March 2, 2020, through September 1, 2020. (FINRA Case #2017053162102)
Current and Previous Registrations
02/25/2014 – PRESENT VAN CLEMENS & CO. INCORPORATED (CRD#:6914) MINNEAPOLIS, MN
08/21/2002 – 03/07/2014 1ST DISCOUNT BROKERAGE, INC. (CRD#:39164) BLAINE, MN
06/12/2001 – 08/21/2002 ACUMENT SECURITIES, INC. (CRD#:7661) SAN FRANCISCO, CA
11/01/1994 – 06/13/2001 GLOBAL FINANCIAL GROUP, INC. (CRD#:23958) MINNEAPOLIS, MN
01/27/1992 – 10/28/1994 HAYNE, MILLER FINANCIAL, INC. (CRD#:13849) MINNEAPOLIS, MN
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 Monson (a/k/a Pete Monson) 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.
