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Peter Maller Allegedly Recommended Unsuitable Oil and Gas Investment

Peter Maller (CRD #: 2322403), a broker registered with Lincoln Financial Advisors, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on May 3, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Disputes

On February 23, 2023, multiple investors filed a dispute alleging that Peter Maller provided unsuitable recommendations of an oil and gas investment. They seek $100,000 in damages in this pending dispute.

A dispute filed on March 19, 2020, alleged that Peter Maller executed an unauthorized trade in February 2020. This dispute was denied by the firm.

However, investors should be aware that firms can deny disputes without an outside review. Investors can still pursue FINRA arbitration after a denial and may be able to recover their losses.

On August 22, 2019, an investor alleged that Peter Maller invested her life savings in an unsuitable and deceptive way by concentrating her assets in annuities and illiquid private investments. This dispute was settled for $115,000.

In a dispute filed on March 14, 2017, several investors alleged that Peter Maller failed to inform them of the illiquidity of two investments purchased in May 2015 and July 2016. The firm denied the dispute.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile. These profiles contain information about investors’ age, tax status, and investment goals.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulative, deceptive, or otherwise fraudulent means of influencing the purchase and sale of securities. This includes the misrepresentation or omission of material facts related to investments.

Background Information

Peter Maller 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 6 – Investment Company Products/Variable Contracts Representative Examination

Peter Maller is a registered broker in 39 states and the District of Columbia. He is also a registered investment adviser in Maryland and Texas.

He has also worked for The Lincoln National Life Insurance Company (CRD#:2580).

Kurta Law Can Help

If you worked with Peter Maller 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.