ETER MALLER Allegedly Sold Bad REITs
The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by Lincoln Financial Advisors Corporation securities representative or financial advisor Peter Maller (CRD#: 2322403, Hunt Valley, Maryland). Mainly, at least three of Maller’s clients at Lincoln Financial Advisors contested his sales practices. Here is what they had to say about him:
Peter Maller Deceptively Invested In Alternative Investments, According To Client
A client of Lincoln Financial Advisors brought FINRA Arbitration #: 19-02371 on August 19, 2019. Notably, the client alleged that Peter Maller acted deceptively in directing the client’s life savings into unsuitable investments. Supposedly, Maller invested the client’s assets in non-traded real estate investment trust products (non-traded REITs) and annuities. Allegedly, those investments were not suitable because they were inconsistent with the client’s liquidity needs and risk tolerance. What’s worse, Maller supposedly overconcentrated the account in the bad investments. For this reason, the client demanded compensatory relief in this ongoing matter.
Lincoln Client Alleges Maller Recommended Unreasonable Investment Strategy
Evidently, a second Lincoln Financial Advisors client took issue with Peter Maller’s sales practices by filing FINRA Arbitration #: 19-00941 on April 12, 2019. According to this client, Maller recommended an unsuitable investment strategy involving the purchase or sale of real estate security products. Supposedly, Maller failed to take into account certain tax liabilities when recommending the strategy. Allegedly, Maller made real estate securities trades that did not match up with the client’s goals, risk tolerance level or needs. Because of this, the client seeks compensatory relief of $350,394 in damages. This matter is underway.
Lincoln Client Suggests That Peter Maller Failed To Disclose Illiquidity Of DPPs And LPs
Apparently a third Lincoln Financial Advisors client made a written complaint to the firm about Peter Maller in March 2017. The client principally took issue with Maller not telling the client about the illiquid nature of direct participation programs or limited partnerships. These investments appear to have conflicted with the client’s liquidity needs, making them unsuitable. Because of Maller’s potential non-disclosures relating to those investments, the client asked for compensation. However, Lincoln denied this client’s claim on March 29, 2017.
Have you experienced losses by purchasing bad investments because of Peter Maller? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.