Merrill Lynch Client Files Dispute About Broker Peter Ianace's Recommendations
The Financial Industry Regulatory Authority (FINRA) discloses new information through BrokerCheck as it relates to Peter Vincent Ianace (CRD#: 3238078, Plano, Texas). It appears that the securities broker, who worked for Merrill Lynch (2011 to 2019) and Wells Fargo Clearing Services (2019 to 2020), is involved in his fourth investor dispute, and these disputes concern allegations of sales practice violations. Just as importantly, FINRA barred Ianace as securities broker and in other capacities because of alleged misconduct during an investigation. Here’s a closer look at these disclosures about Peter Ianace.
Merrill Lynch Investor Alleges Unsuitable Recommendations In Dispute About Peter Ianace
Evidently, a client of Merrill Lynch disputed Ianace’s advice and representations. The securities broker is accused in this January 2021 FINRA Arbitration Claim of making unsuitable investment recommendations to the client. In addition, the client alleged that Ianace misrepresented information in connection with their investments from 2013 to 2019. For this reason, the client demanded $18,000,000 in damages in this ongoing matter.
FINRA Bars Ianace For Alleged Misconduct During Investigation
Notably, FINRA barred Ianace as securities broker for reportedly violating FINRA rules during its investigation into his conduct. When Ianace received requests to produce documents and information, he refused to respond. As of September 3, 2020, Ianace is not allowed to be a securities broker for firms with FINRA membership.
Wells Fargo Client Alleges That Peter Ianace Made Bad Recommendations
Also, a client of Wells Fargo Clearing Services filed a dispute about Ianace. It appears that this client invested a heavy amount of assets in one or a few types of securities. In addition to the allegations of overconcentration, the client claimed that Ianace overleveraged their account. For supposedly neglecting to reduce the risks relating to this client’s account, they sustained damages estimated at $13,000,000. For this reason, the client seeks compensation in this ongoing matter.
AG Edwards Sons Clients Allege Unsuitable Transactions
Evidently, Ianace worked as a securities broker of AG Edwards Sons before joining Merrill Lynch. BrokerCheck shows that a client of AG Edwards Sons disputed Ianace’s variable annuity sale, alleging unsuitability and omissions of facts relating to this transaction. However, the firm denied that dispute.
Additionally, an AG Edwards Sons client came forward in a dispute about Ianace’s stock trading. First of all, the client alleged breach of fiduciary duty and breach of contract. Secondly, the securities broker faced accusations of negligence and breach of industry standards. Because of this, AG Edwards opted to settle the matter through making a $60,000 payment to the client.
Did You Face Financial Harm Because Of Peter Ianace?
Did securities broker Peter Ianace cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation after incurring losses caused by their financial advisors and securities brokers. Please note that Ianace denies all allegations of his sales practice violations.
