Soreide Law Group is actively investigating potential claims on behalf of investors who may have sustained financial losses due to the actions of securities broker Lei Shen (also known as Peter Shen) [CRD#: 5769894, Orange, California]. Peter Shen joined Ni Advisors since January 2, 2020. He worked for Independent Financial Group LLC from January 22, 2015, to January 2, 2020, and for LPL Financial LLC from June 30, 2014, to January 29, 2015. Notably, there have been allegations against Shen related to unsuitable investments and overconcentration from clients of Independent Financial Group and LPL Financial. Evidently, some of these allegations have resulted in financial settlements.
Evidently, on January 6, 2023, a client of Independent Financial Group LLC filed FINRA Arbitration #: 23-00048 about Peter Shen. The client alleged that Shen recommended investments that were not suitable and were not aligned with their investment objectives. Furthermore, it was claimed that the client's portfolio was overconcentrated and that there was no reasonable basis for the recommendations or the strategy employed. Because of this, the client allegedly sustained damages on products such as REITs and BDCAs. Therefore, the client requested $1,500,000 in compensation from Independent Financial Group LLC or Shen. Evidently, this arbitration is pending a resolution.
Evidently, a client of Independent Financial Group LLC and LPL contested Peter Shen's sales practices by filing FINRA Arbitration #: 21-01963. Allegedly, Shen recommended investments that were not suitable for the client. It appears that Shen caused the client to sustain damages on REITs. Therefore, Independent Financial Group LLC opted to settle the matter on August 9, 2022, by compensating the client in the amount of $625,000.
Evidently, a client filed a complaint about Peter Shen. The client alleged that Shen promised a twenty percent return in one year and guaranteed that her principal investment would be secure. However, the client allegedly sustained damages. Therefore, on December 23, 2015, Cetera Investment Services LLC settled this matter by paying the client $15,000 in damages.
Did you experience losses because of Peter Shen? 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. Specifically, our firm has recovered losses for investors throughout the United States. Additionally, we work on a contingency fee basis and advance all costs. Shen and brokerage firms he worked for, particularly Independent Financial Group LLC, and LPL Financial, deny accusations of sales practice violations.
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