Ameriprise, Joseph Lawrence Peggs Face Customer Disputes

Joseph Lawrence Peggs (CRD#: 1219721, Seminole, Florida) has been an Ameriprise Financial Services financial advisor since November 6, 2015. Peggs’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile shows that at least six investors of Ameriprise Financial Services and NFP Securities, Inc. have disputes Peggs’ sales practices. Those customers have alleged unauthorized trading, misrepresentation and unsuitability.

May 3, 2017 Complaint

 
On May 3, 2017, a customer of Ameriprise Financial Services filed a complaint about Peggs. The customer claimed that Peggs made unauthorized trades in the customer’s account. In order to settle this allegation, Ameriprise Financial and Peggs paid the customer $38,221.04 on January 25, 2018.

June 10, 2004 Complaint

Records show that on June 10, 2004, an NFP Securities, Inc. customer filed a complaint alleging that Peggs was liable for omissions. From the customer’s perspective, Peggs misinformed the customer by claiming that the customer’s variable universal life insurance policy premiums would be paid for by the earnings generated by the customer’s investments. However, the customer’s allegations were denied by NFP Securities Inc. on June 21, 2004.

June 13, 2003 Complaint

An NFP Securities Inc. customer brought a complaint against Peggs on June 13, 2003. It was the customer’s position that Peggs misinformed the customer about a life insurance contract’s future value. Allegedly, Peggs erroneously guaranteed that the policy would remain in force. Ultimately, the customer came to learn that the policy could only remain in-tact if the customer generated substantial returns. As a result, NFP Securities Inc. settled the customer’s claim for $50,000.00 on November 12, 2003.

June 18, 2002 Complaint

 
A complaint was filed with NFP Securities, Inc. by a customer on July 18, 2002. In general, the customer contended a variable annuity investment was not suitable. Yet, NFP Securities denied the customer’s complaint on August 22, 2002.

NASD Fined Peggs For Misleading Sales Literature

FINRA BrokerCheck records also show that the National Association of Securities Dealers (the “NASD”) censured and fined Peggs $10,000.00 according to a Letter of Acceptance, Waiver and Consent (“AWC”) #CAF030054, executed on September 29, 2003. Peggs was found liable for violating NASD Rules 2110, 2210(D)(1)(A), 2210(D)(1)(B) and IM-2210 for his submission of misleading sales literature.
Namely, NASD sanctioned Peggs for using unbalanced sales literature regarding variable annuities. Evidently, Peggs overstated the benefits of the annuities while understating or omitting the risk factors. All things considered, NASD concluded that Peggs’ sales literature did not contain important information about restrictions, risks and costs.
Additionally, the AWC stated that Peggs used newsletters that discussed products without indicating that the products were variable annuities. Secondly, those newsletters inappropriately stated that customers would not have to pay fees. Moreover, NASD stated that the newsletters omitted that the brokers selling annuities were typically compensated by commissions.

If you have suffered losses by investing with Joseph Lawrence Peggs, call (888) 760-6552 for a free consultation with Soreide Law Group’s experienced counsel. Our firm has recovered millions of dollars for investors who have been victim to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.