Peter Ambrose Allegedly Executed Unauthorized Sales of Securities

Peter Ambrose (CRD #: 1624518), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This disclosure appears in his BrokerCheck record, accessed on July 27, 2023. 

On May 16, 2023, investors alleged that Peter Ambrose executed unauthorized sales of securities from 2018 to 2022. Unauthorized trading is prohibited by FINRA Rule 3260.

Investors should know that this is the third investor dispute on his record. 

FINRA Rule 3260 and Unauthorized Trading

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. Discretionary accounts must also be approved by the firm before this trading can occur.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Unauthorized trading also violates FINRA Rule 2010. 

Background Information 

Peter Ambrose 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 3 National Commodity Futures Examination 
• Series 7 General Securities Representative Examination 
• Series 9 General Securities Sales Supervisor – Options Module Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 8 General Securities Sales Supervisor Examination (Options Module & General Module) 

He is a registered broker in all 50 states as well as D.C., the Virgin Islands, and Puerto Rico. He is also an investment adviser in New Hampshire, Texas, and Virginia. 

Besides Merrill Lynch, Peter Ambrose has also registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• Prudential Securities Incorporated (CRD #: 7471) 
• Empire National Securities (CRD #: 7361) 
• Sherwood Capital (CRD #: 10474) 

Kurta Law Can Help

If you worked with Peter Ambrose and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.