Pete Stamatis Allegedly Recommended Unsuitable Mutual Funds and Variable Annuities

Pete Stamatis (CRD #: 1914933), a broker registered with Osaic Wealth, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on January 25, 2024. Keep reading if you have questions regarding his contact. 

On October 23, 2023, an investor alleged that Pete Stamatis recommended unsuitable mutual funds and variable annuities. The dispute was denied, but investors should know that firms can deny disputes without any external review. 

What is a Mutual Fund? 

A mutual fund is a portfolio of investments that allows investors to pool their wealth. They can be passively or actively managed. Brokers may earn a large commission from these funds, making them frequent objects of fraudulent trading practices. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

What Makes an Investment Unsuitable? 

Unsuitable investments violate FINRA Rule 2111, which requires brokers to consider their investors’ age, risk tolerance, and financial goals. 

Background Information 

Pete Stamitis has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker in 18 states and is a registered investment adviser in Ohio. 

Pete Stamatis has worked with the following firms:

• Signator Investors (CRD #: 468) 
• John Hancock Mutual Life Insurance Company (CRD #: 5181) 

Kurta Law Can Help 

If you have worked with Pete Stamatis and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.