Peter Bednarek Allegedly Failed to Act in Investor’s Best Interest

Peter Bednarek (CRD #: 2710060), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly failed to act in a client’s best interest, according to his BrokerCheck record, accessed on May 31, 2023. If you want to know more about his alleged conduct as a broker, read on.

Investor Dispute

In a dispute filed on March 16, 2023, an investor alleged that Peter Bednarek failed to act in the client’s best interest from December 2020 through November 2022. This dispute was denied by the firm.

However, investors should know that firms can deny disputes without an outside review. Investors can still pursue FINRA arbitration and potentially recover their funds following a denial.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which describes their risk tolerance, age, and financial goals.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Peter Bednarek has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• Series 7TO – General Securities Representative Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

Peter Bednarek is a registered broker in 21 states and a registered investment adviser in Pennsylvania and Texas.

He has also worked for SEI Investments Management Corporation (CRD#:105146) and SEI Investments Distribution Company (CRD#:10690).

Kurta Law Can Help

If you worked with Peter Bednarek 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.