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Peter Hafner Allegedly Made Unsuitable Investment Recommendations

Peter Hafner (CRD #: 2251932), a broker registered with Next Financial Group, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on April 28, 2023. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On March 1, 2023, an investor filed a dispute alleging that Peter Hafner gave an unsuitable recommendation to invest in a real estate investment trust (REIT) in May 2015.

The client further alleged that Peter Hafner made unsuitable recommendations to exchange three variable annuities for new ones in August and October 2012 and in February 2017. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles contain information such as investors’ tax status, risk tolerance, and financial goals.

Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.

What are Real Estate Investment Trusts?

Real estate investment trusts (REITs) allow investors to pool their funds together in a portfolio of real estate and earn returns without managing the properties themselves. However, the lack of liquidity associated with REITs may make them unsuitable for some investors.

What are Variable Annuities?

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying security. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Background Information

Peter Hafner has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 24 – General Securities Principal Examination

Peter Hafner is a registered broker in 13 states and a registered investment adviser in Indiana and New York.

He has also worked for the following firms:

  • First Allied Advisory Services (CRD#:137888)
  • First Allied Securities (CRD#:32444)
  • A. G. Edwards & Sons (CRD#:4)
  • Thomas James Associates (CRD#:15609)

Kurta Law Can Help

If you worked with Peter Hafner and you have concerns about your investments, please contact us today at 877-600-0098 or 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.