Principal Securities Broker John Priebe Involved In Investors’ Suitability Disputes
Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to John Patrick Priebe Jr. [CRD#: 4389063, Waseca, Minnesota]. Not only has Principal Securities disaffiliated with the securities broker for potential sales practice violations, but at least three clients indicated that Priebe caused their losses. In sum, these disclosures suggest that Priebe made bad recommendations to his clients and that he failed to follow his employer’s directives. Read on to learn more about the broker:
Principal Securities Disaffiliates With John Priebe For Suspicious Business Practices
It appears that John Priebe worked for Principal Securities between August 23, 2001 and November 5, 2019. Apparently, on October 28, 2019, Principal Securities disaffiliated with him. The securities firm indicated that it was concerned about his business practices and lack of documentation in connection with same. Priebe potentially made inappropriate and secretive investment transactions in client accounts.
Client Suggests Priebe Made Bad Mutual Fund, Option Trades
Apparently, on July 6, 2017, a Principal Securities client filed FINRA Arbitration #: 17-01531 concerning John Priebe. The client asserted that Priebe recommended unsuitable investments. The securities broker seems to have recommended inappropriate stocks, mutual funds and options. Allegedly, the client’s account was also allocated wrongly. Priebe’s bad investment advice seemingly caused the client to experience losses. As a result, on July 9, 2019, Principal Securities resolved this issue with the client through a payment of $125,000.
John Priebe Allegedly Sells Unsuitable Annuity To Principal Securities Client
Evidently, a second Principal Securities client contested John Priebe’s actions. Supposedly, the annuity Priebe sold was improper for the client’s individual retirement account funds. It is possible that the variable annuity served no benefit and instead caused the client to pay more for tax deferral. Consequently, the client made a claim for damages from Principal Securities; however, the firm denied the complaint.
Priebe Allegedly Fails To Monitor Principal Securities Client’s Account
A third client of Principal Securities took aim at John Priebe. Similar to the other clients, this client alleged that Priebe initiated or recommended unsuitable investments. Namely, the broker’s mutual fund trades were inconsistent with the client’s risk tolerance or some other aspect of the client’s investment profile. The client additionally had a problem with an insurance product sold or recommended by Priebe. Moreover, Priebe allegedly failed to monitor the client’s account. However, this claim was ultimately denied by Principal Securities.
Did John Priebe Sell You Bad Investments?
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Have you experienced losses by investing with John Priebe? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like John Priebe.