Pete Mersberger In Voya Client Investment Complaints

Voya Securities Broker Pete Mersberger Facing Allegations Of Sales Practice Violations

Soreide Law Group has new information to share with you in regard to securities broker Peter Jerome Mersberger “Pete Mersberger” (CRD#: 2372186, Sheboygan Falls, Wisconsin). Namely, four investors challenged Mersberger’s sales practices, and two of those disputes concern his actions at Voya Financial Advisors (his employer from 2004 to 2017). Let's dive into what these investors allege in these disputes and what you could do if you experienced losses.

Voya Financial Advisors Client Alleges Unsuitable Alternative Investments By Pete Mersberger

Evidently, one of Pete Mersberger’s clients at Voya Financial Advisors filed a dispute alleging sales practice violations. Namely, in this January 2021 FINRA Arbitration Claim, the client contends that they bought two unsuitable alternative investments because of Mersberger. Suitability generally covers things like an investor’s risk tolerance, objectives, financial needs, and goals. It concerns important information bearing on the appropriateness of investment opportunities.
In addition, Pete Mersberger allegedly misrepresented the investments. It appears that the client incurred losses on a business development company (BDC) and real estate security (REIT). For this reason, the client asked for $44,000 in compensation in this ongoing matter.

Mersberger Allegedly Makes Unsuitable Sale Of Real Estate Security To Voya Client

In the second dispute reported on Pete Mersberger’s BrokerCheck record (March 2020), the Voya Financial client expressed concern about a real estate security. Namely, the client alleged the unsuitability of a real estate security transaction. Supposedly, Mersberger did not tell them about the illiquidity of this product. Evidently, the client obtained $35,000 from Voya Financial Advisors in the March 2021 settlement of this matter.

Prior Disputes About Pete Mersberger Contain Allegations Of Misrepresentation, Unauthorized Transactions

Evidently, an ING Financial Services Inc. client challenged Pete Mersberger’s sale of an annuity. Specifically, the client claimed misrepresentation. Supposedly, Mersberger represented that the investment would produce a seven percent return each year and that the client would be able to withdrawal the entire amount of their investment after ten years. Supposedly, ING Financial Services denied this client's complaint.
Also, a Locust Street Securities Inc. client took issue with an unauthorized mutual fund transaction by Pete Mersberger. It seems that Mersberger purchased Class A mutual fund shares when the client did not ask for them. Evidently, Locust Street Securities settled with this client by making a $20,000 payment to them.

Losses By Investing Through Mersberger?

Securities broker Pete Mersberger denies allegations of sales practice violations. Have you experienced investment losses by interacting with this broker, who since 2017 works for Cambridge Investment Research? 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 compensation for many US clients who have experienced losses because of their securities brokers and financial advisors.