Ameriprise Clients Complain About Broker Peter Nett

Soreide Law Group is conducting an investigation into potential claims on behalf of investors who may have incurred losses due to the actions of securities broker and financial advisor, Peter Dieter Nett (also known as P.D. Nett) [CRD: 4506990, The Woodlands, Texas]. Evidently, he has worked with Hilltop Securities Inc. since September 23, 2022. He previously affiliated with Ameriprise Financial Services LLC from June 25, 2002, to September 29, 2022. Notably, Nett faced client complaints alleging sales practice violations, including negligence and misrepresentation.

Ameriprise Financial Services LLC Client Claim Regarding Nett Alleged Breach Of Fiduciary Duty

Particularly, a client of Ameriprise Financial Services LLC filed FINRA Arbitration: 20-00161 concerning Peter Nett. Evidently, the client alleged that Ameriprise was negligent. The company also allegedly engaged in conduct that violated FINRA Rules 2110 and FINRA Rule 2111. Other allegations include breach of fiduciary duty, misrepresentations and omissions. Because of this, the client reportedly suffered financial harm with investments in annuities and alternative products. Consequently, on November 9, 2021, a FINRA Arbitration Panel ruled that Ameriprise Financial Services LLC pay the client $30,000 in compensatory damages in an Award.

Peter Nett Disclosed Allegations By American Express Financial Advisors Client

Also, a client of American Express Financial Advisors contested Peter Nett’s advice on investments, according to a complaint. Supposedly, Nett provided advice that led to the client enduring greater losses than expected upon liquidation of their investments at a different firm. The client's investments were in variable universal life products. Therefore, American Express Financial Advisors chose to resolve the issue on February 3, 2004, by agreeing to a settlement.

American Express Financial Advisors Investor Accused Nett Of Omission

Additionally, on February 24, 2004, a client of American Express Financial Advisors lodged a complaint against Peter Nett. Evidently, the client asserted that Nett failed to disclose the tax implications related to an IRA conversion. Due to this omission, the client purportedly faced financial repercussions involving a brokerage cash account. However, this claim was denied on July 7, 2004, with the firm stating that the IRA conversion was carried out at an external firm without any assistance or recommendation from the advisor.

Recovery Of Investment Losses

Did you experience losses because of Peter Nett? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery of your investment losses. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Nett and brokerage firms he worked for deny accusations of sales practice violations.