Todd Petersen Involved In Investor Lawsuits

Broker Murray Petersen Involved In SCF Investor Disputes

The investment loss recovery team at Soreide Law Group provides you with this Investor Alert in regard to securities broker Murray Petersen (CRD#: 1311730, Roseville, California), who is on the receiving end of multiple investor disputes. Evidently, this broker, who also goes by the name Todd Peterson, worked for Ameriprise Financial Services (2019 to 2020), SCF Securities (2015 to 2019) and WFG Investments (2012 to 2015). At least 8 clients disputed Petersen’s sales practices in 2020. Here is a closer look at these disclosures.

Todd Petersen Supposedly Breaches A Fiduciary Duty To SCF Securities Client

Evidently, a client of SCF Securities took aim at Todd Petersen through a November 2020 FINRA Arbitration Claim. Mainly, the client alleged that SCF Securities or Petersen breached a fiduciary duty to the client. Not only that, but it seems that he may have deceived the client on diamond purchases. For this reason, SCF Securities opted in December 2020 to settle with the client by making a $77,500 payment.

Client Of SCF Securities Indicates That They Were Deceived

Also, an SCF Securities client disputed Todd Petersen’s actions in June 2020. In this lawsuit, the client alleged that Petersen engaged in an outside business activity in which he sold diamonds to them. It seems that the transactions might have been part of a scam. Supposedly, Petersen also failed to act in the client’s best interests, breaching a fiduciary duty. Because of this, the client received $351,205 from SCF Securities to settle this matter.

SCF Securities Disassociates With Todd Petersen For Alleged Outside Activities

It appears that most of the disputes involve allegations of Todd Petersen’s outside activities, which are things that a broker does outside of the scope of their employment. FINRA BrokerCheck reports that in October 2019, SCF Securities disaffiliated with Petersen for his misstatements or omissions as it relates to those business activities.

Other Disputes About Peterson

In one of the prior disputes about Todd Peterson, a Commonwealth Financial Network client alleges failure to disclose advisory fees. It seems that the client incurred damages on equities. However, the firm denied this dispute. Moreover, a Financial Network Investment Corporation client alleged that Peterson did not disclose penalties on a variable annuity. And a different Financial Network Investment Corporation client alleged unauthorized mutual fund transactions. However, those disputes closed without resolution.

Did Todd Petersen Cause You To Experience Losses?

Supposedly, Todd Petersen denies all allegations of his sales practice violations. Have you experienced losses by investing with this securities broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses because of securities brokers and financial advisors.