Peter Lawrence Terminated by American Portfolios Financial Services

Peter Lawrence (CRD #: 2695687) has been fired by American Portfolios Financial Services. This is according to his BrokerCheck record, accessed on November 28, 2023. Keep reading if you have concerns about his alleged conduct as a broker. 

On October 27, 2023, American Portfolios Financial Services fired Peter Lawrence following allegations that he provided statements to a client that contained inaccuracies. 

Investor Disputes 

On September 27, 2023, an investor alleged that American Portfolios Financial Services alleged that Peter Lawrence misrepresented a variable annuity. The investor is seeking $80,000. 

On September 25, 2023, an investor alleged that Peter Lawrence recommended unsuitable products. The investor further alleged that the broker provided inaccurate portfolio summaries and breached his fiduciary duty. The investor is seeking $100,000. 

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. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Background Information 

Peter Lawrence 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 7 General Securities Representative Examination 
• Series 24 General Securities Principal Examination 

During his 27 years of experience, Peter Lawrence has registered with six firms: 

• American Portfolios Financial Services (CRD #: 18487) 
• Questar Capital Corporation (CRD #: 43100) 
• USAllianz Securities (CRD #: 40875) 
• Pruco Securities (CRD #: 5685) 
• American Express Financial Advisors (CRD #: 6363)
• IDS Life Insurance Company (CRD #: 6321) 

Kurta Law Can Help 

If you have worked with Peter Lawrence and have concerns about your investments, don’t hesitate to contact us today 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.