FINRA Bars Peter Ianace For Violating FINRA Rules

The Financial Industry Regulatory Authority (“FINRA”) reports troubling information in regard to securities broker Peter V. Ianace (CRD#: 3238078, Plano, Texas). Significantly, the financial industry watchdog took away Ianace’s ability to be a securities broker for a FINRA firm, which includes nearly all major securities firms in the United States. Not only that, but there are three investors who brought disputes about the securities broker, who worked for major firms including Morgan Stanley, Merrill Lynch and Wells Fargo. Here’s more.

FINRA Issues Bar To Peter Ianace

First of all, in 2020, FINRA investigated Peter Ianace for possible FINRA rule violations on outside business activities. FINRA basically requires that brokers inform their employers about activities that they participate in away from their employer. Generally, firms must approve activities before the securities broker can engage in them. This is so the firm can determine if there are conflicts.

It seems that Peter Ianace opted against disclosing information to FINRA after receiving a request in August 2020. Apparently, that request called for his cooperation by August 2020. Notably, Ianace informed FINRA that he indeed received its request but would not produce information or documents. Because of this, FINRA expelled Ianace as a securities broker.

Wells Fargo Client Indicates That Peter Ianace Gave Bad Advice (’20)

Apparently, a client of Wells Fargo Clearing Services took aim at Peter Ianace through a FINRA Arbitration Claim in August 2020. It appears that Ianace made unsuitable recommendations. Not only that, but it seems that Ianace did not do away with an unsuitably concentrated position. It appears that by investing in the leveraged investments, the client incurred an astounding $13,000,000 in losses. For this reason, the client demands millions in compensatory relief in this ongoing matter.

Client Of A.G. Edwards Indicates Ianace’s Annuity Sale Was Unsuitable (’06)

Apparently, an A.G. Edwards client took offense to Peter Ianace’s sales practices. It seems that Ianace’s sale of a variable annuity might not have matched up with the client’s suitability profile. It is possible that Ianace overlooked the client’s goals or risk tolerance. In fact, the client suggested that Ianace did not disclose facts. For this reason, the client asked for compensation. However, the matter closed without settlement.

A.G. Edwards Client Suggested That Peter Ianace Was Negligent (’03)

Evidently, a second A.G. Edwards client filed a lawsuit about Peter Ianace. First of all, the client suggested that Ianace negligently traded or recommended stocks. Secondly, Ianace purportedly placed his interests before the client’s interests, breaching a fiduciary duty. Thirdly, the client suggested that Ianace breached a contract. Supposedly, Ianace caused the client’s losses. For this reason, A.G. Edwards compensated the client in the amount of $60,000.

FINRA BrokerCheck indicates that Peter Ianace denies all allegations of misconduct.

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