Peter Po Facing GWG L Bond Disputes
Peter Po (CRD #: 3106974), a broker registered with Ni Advisors, is facing allegations of unsuitable recommendations, according to his BrokerCheck record, accessed on December 30, 2022. He has multiple disputes on his records that investors should review.
On November 21, 2022, an investor alleged that Peter Po recommended an unsuitable GWG L bond. GWG L bonds are risky bonds, issued by a company that has since filed for bankruptcy. The investor is seeking $150,000 in this pending dispute.
According to allegations filed on August 25, 2022, Peter Po recommended GWG L bonds to three individuals in 2018, 2019, and 2020. They are seeking to recover $296,460.
On June 21, 2022, investors alleged that Peter Po recommended GWG bonds from 2018 to 2021. The investor is seeking $399,000.
On June 3, 2022, Peter Po was involved in yet another GWG L bond dispute. The investor is seeking $878,955.
On April 11, 2022, an investor alleged that Peter Po recommended unsuitable investments, in violation of FINRA Rule 2111. This investor is seeking to recover $50,000.
According to allegations filed on September 21, 2021, an investor alleged that Peter Po recommended a risky investment strategy comprised of unsuitable, high-risk, alternative investments. He allegedly misled investors to believe these investments were safe and low risk. The investor sought $99,000 and the dispute settled for $62,500.
On January 22, 2018, an investor alleged that Peter Po failed to disclose there was a secondary market in which their REIT interests could be sold. The investors sought $100,000 but the dispute was denied. Investors should know that they can still pursue FINRA arbitration and recover their losses.
FINRA Rule 2020: Misrepresentation and Omissions
FINRA Rule 2020 prohibits brokers from omitting material information about investments. It also prohibits misrepresentations and any deceptive or manipulative devices.
FINRA Rule 2111: Unsuitable Investments
FINRA Rule 2111 requires brokers to recommend securities that adequately suit an investor’s financial goals. Brokers must consider the information in an investor’s profile, such as their risk tolerance, age, and tax status when making recommendations.
- High-risk investments may be unsuitable due to their likelihood of losing money.
- Illiquid investments can be difficult to sell in the short term and tend to incur high fees when investors attempt to sell them too soon.
- Excessive trading violates the need for quantitative suitability. This means that the overall number of trades executed must also be suitable for the client’s financial goals.
- Investment strategies are also required to be suitable for the investor. For example, the level of risk involved in overconcentration of securities in a certain sector or stock may be unsuitable for some investors.
Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.
Peter Po 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 31 Futures Managed Funds Examination
- Series 7 General Securities Representative Examination
He is a registered broker in eight states and is a registered investment adviser in California.
Peter Po has registered with the following firms:
- Voya Financial Advisors (CRD #: 2882)
- MetLife Securities (CRD #: 14251)
- Metropolitan Life Insurance Company (CRD #: 4095)
- Mony Securities Corporation (CRD #: 4386)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #: 7691)
- CitiCorp (CRD #: 23988)
- Dean Witter Reynolds (CRD #: 7556)
Kurta Law Can Help
If you worked with Peter Po and you have concerns about your investments, please contact us today at 877-600-0098 or email@example.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.