PETER T PO & NI ADVISORS Lawsuit

Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:

NI ADVISORS and their former registered representative, PETER T PO (Respondents).

The Claimant is a retiree living in California. The lawsuit states that the Claimant is a very conservative investor and was looking for reliable income to sustain him through retirement.  The lawsuit states that after receiving a cold call from NI ADVISORS’ broker, PETER T PO, the Claimant was allegedly presented with GWG Holdings L bonds as a safe and secure asset backed investment. The lawsuit alleges that PO recommended a $50,000 investment in August of 2020 with a two-year term, expiring in July of 2022. PO allegedly failed to warn his client of the dramatic changes to the company which ultimately resulted in its bankruptcy.

On April 20^th, 2022, GWG Holdings filed Chapter 11 bankruptcy which will wipe out a significant portion of the Claimant’s life savings. In December of 2021, GWG Holdings failed to make their January 15^th, 2022 interest payment of $10,350,000, and to make their $3,250,000 principal payment on their “L” bonds, and the lawsuit alleges, the Respondent chose to ignore this red flag and never attempted to liquidate any of the Claimants’ GWG bonds.

The lawsuit claims that NI ADVISORS and their former registered representative, PETER T PO’s alleged actions have caused damages to the Claimant of approximately $50,000.00. The lawsuit is alleging; negligence, breach of fiduciary duty, and negligent supervision.

According to FINRA’s BrokerCheck, available on FINRA’s website, PETER T PO, was with NI ADVISORS of Cupertino, California, from August of 2015 to May of 2024. Po was registered both as a broker and as a financial advisor. 

PETER T PO, according to FINRA’s BrokerCheck, has been in the securities industry for 25 years and has been listed with 9 firms.  Po has 19 disclosures on his FINRA CRD report, of the 19 disclosures, 18 are “Customer Disputes,” and 1 disclosure is an “Employment Separation after Allegations.” The significance of PETER T PO’s customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words PETER T. PO’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.  The vast majority of the reported conduct is involving alleged material misrepresentations and negligent recommendations.

PETER T PO is currently listed with the following firm since May of 2024:

EMERSON EQUITY LLC of Cupertino, California.

If you’ve experienced financial losses due to the recommendations or actions of NI ADVISORS and/or their former registered representative, PETER T PO, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.