John Pelletier Fined for Unauthorized Trading

Financial Industry Regulatory Authority (FINRA) BrokerCheck shows disclosures about securities broker John E. Pelletier [CRD: 4205289, Wauwatosa, Wisconsin]. Pelletier worked for BMO Harris Financial Advisors Inc. from August 1, 2012, to March 24, 2021. Recently, Pelletier faced allegations related to unauthorized trading, leading to fines and a suspension from FINRA. Keep reading to learn more about the complaints and regulatory actions involving Pelletier.

FINRA Sanctioned John Pelletier for Unauthorized Trading

On June 25, 2024, FINRA’s Department of Enforcement fined John Pelletier $10,000 and suspended him for three months after a panel determined that he engaged in unauthorized trading in a client’s retirement account. Between May 2017 and July 2018, Pelletier reportedly made 16 unauthorized transactions based on instructions from the client’s ex-wife, without written authorization. As a result, the account was supposedly nearly depleted. Pelletier claimed that the client gave him verbal authorization to accept instructions from the ex-wife, but FINRA apparently found no evidence of this. Evidently, Pelletier’s actions violated FINRA Rule 2010.

BMO Harris Investor Accused John Pelletier of Unauthorized Distributions

Also, a client of BMO Harris Financial Advisors Inc. filed Civil Action No. I20-6031-CZ about John Pelletier, accusing him of engaging in unauthorized distributions from the client’s retirement account. The client alleged that Pelletier’s actions caused damages and asked for compensation. On February 10, 2021, the matter was settled for $35,000 in compensation.

Contact Soreide Law Group

Contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney for more information. Pelletier and the firms he worked for deny allegations of sales practice violations. Soreide Law Group has experience representing investors throughout the country. The firm handles cases on a contingency basis.