Peter Maniscalco is Facing a Mutual Fund Dispute
Peter Maniscalco (CRD #: 4435025), a broker registered with Avantax Investment Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on April 15, 2024. Keep reading if you have questions about his alleged conduct.
Customer Dispute
On December 18, 2023, an investor alleged Peter Maniscalco purchased an unsuitable mutual fund in a 401K account. The investor is seeking $300,000.
What is a Suitable Investment?
FINRA defines suitable investments as securities that fit an investor’s profile. An investor’s profile includes information about their risk tolerance, financial goals, and age.
FINRA Rule 2111 identifies the three prongs of a suitability determination as 1) reasonable-basis suitability, 2) customer-specific suitability, and 3) quantitative suitability.
- Reasonable-basis Suitability: Brokers are required to use reasonable diligence before making a recommendation. This means they have an obligation to understand an investment strategy and its potential risks or rewards.
- Customer-specific Suitability: Before recommending a particular security or investment strategy involving a specific client, brokers are required to have reasonable grounds for believing it will be suitable based on that client’s personal profile. The profile includes information on the investor’s financial goals, investing experience, and risk tolerance.
Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration.
Background Information
Peter Maniscalco 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 Maniscalco has registered with 16 firms and is a registered investment adviser and New Jersey and New York.
During his 22 years of experience, he has registered with two firms: Avantax Investment Services (CRD #: 13686) and Avantax Advisory Services (CRD #: 104556).
Kurta Law Can Help
If you have worked with Peter Maniscalco and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.