Peter Girgis Under FINRA Investigation For Churning

Securities Broker Peter Girgis Under FINRA Investigation For Possible Churning, Unsuitable Trading

The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck report for securities broker Peter Girgis (CRD#: 4520444, New York, New York) shows that FINRA is investigating him for unsuitable trading and churning. Moreover, six investors disputed Girgis’s sales practices. These disclosures are summarized below.

FINRA’s Investigation Into Peter Girgis Focuses On Possible Unsuitable Trading, Churning

Critically, FINRA confirmed in September 2020 that it might take disciplinary action against Peter Girgis because he potentially violated suitability rules. Specifically, FINRA thinks that Girgis may have made unsuitable trades in client accounts. The securities broker might have excessively traded after recommending that those clients commit to an active trading strategy. It appears that as of March 12, 2021, FINRA is also investigating Peter Girgis for possibly violating federal securities laws on churning. The securities broker might face disciplinary action alleging violation of Section 10(b) of the Exchange Act, and FINRA Rules.
FINRA’s investigation might concern Girgis’s activities when he worked for Legend Securities (2013 to 2016), Worden Capital Management (2016 to 2019) or SW Financial (2019 to present).

Legend Securities Client Indicates Churning In Dispute About Peter Girgis

Evidently, a client of Legend Securities brought a dispute about Girgis in February 2017. Mainly, the client alleged that Girgis churned their account and charged them excessive commissions. It seems that Girgis caused the client to sustain losses on equities trades. For this reason, Legend Securities paid the client to settle the matter.

Client Of Joseph Gunnar Alleges Misappropriation, Unauthorized Transactions In Dispute About Girgis

Notably, a client of Joseph Gunnar disputed Peter Girgis’s sales practices in a May 2016 FINRA Arbitration Claim. First of all, the client claimed that Girgis misappropriated their funds. Secondly, the securities broker supposedly made unauthorized and unsuitable trades. Thirdly, the client alleged breach of contract, negligence and recklessness. This all supposedly led the client to face investment losses. Consequently, Joseph Gunnar compensated them in the amount of $65,000.

Brookstone Securities Client Alleges Unsuitability, Negligent Misrepresentation

Moreover, a client of Brookstone Securities Inc. took aim at Peter Girgis as it pertained to the client’s stock holdings. It seems that this Statement of Claim contains allegations of breach of contract. Allegations also include Girgis’s negligent misrepresentation in connection with the client’s stock trades. And like other disputes, this client alleged that the securities broker churned their account resulting in damages. Because of this, they obtained compensation to resolve this matter.
Past disputes about Peter Girgis allege unauthorized trading, excessive trading, breach of fiduciary duty and other sales practice violations.

Did You Experience Losses By Investing Through Peter Girgis?

FINRA BrokerCheck indicates that Peter Girgis denies all allegations of his sales practice violations. Did you lose money because of this person? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have sustained losses because of their financial advisors and securities brokers.
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