Investor Alleges Peter Rhee Failed to Supervise

Peter Rhee (CRD #: 2326728), a broker registered with Cetera Advisors, allegedly engaged in negligent conduct, according to his BrokerCheck record, accessed on August 20, 2022. Investors may have also engaged his services through Cetera Investment Advisers. If you want to learn more about Peter Rhee’s conduct as a broker, keep reading.

Investor Disputes

On July 5, 2022, an investor alleged that Peter Rhee recommended an unsuitable investment and engaged in negligent supervision and other negligence. The investor seeks $50,000 in this pending dispute.

Another pending dispute, filed on May 9, 2022, alleges that Peter Rhee recommended unsuitable investments and committed other violations of suitability, made misrepresentations, failed to supervise, and breached his contract. The client seeks $300,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as those that match an investor’s profile. These profiles describe characteristics such as an investor’s tax status, age, and risk tolerance. 

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

FINRA Rule 3110

Failure to supervise violates FINRA Rule 3110, which requires firms to establish and maintain systems of supervision over their employees to ensure their compliance with securities laws. 

FINRA Rule 2020

FINRA Rule 2020 forbids the use of fraudulent tactics to influence the purchase or sale of securities, including the misrepresentation or omission of material facts related to investments.

What qualifies as broker negligence?

Many types of misconduct can qualify as broker negligence, including failing to supervise, giving unsuitable investment recommendations, and making misrepresentations or omitting information. Investors who lose money through broker negligence may be able to recover their funds through FINRA arbitration.

Background Information

Peter Rhee has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 3 – National Commodity Futures Examination

Peter Rhee is a registered broker in seven states and a registered investment adviser in Illinois.

He has also worked for the following firms:

• First Allied Securities (CRD #: 32444)
• First Allied Advisory Services (CRD#:137888)
• Investment Planners (CRD#:18557)
• IPI Wealth Management (CRD#:111872)
• Wells Fargo Advisors (CRD#:19616)
• A. G. Edwards & Sons (CRD#:4)
• Morgan Stanley DW (CRD#:7556)
• Refco Securities (CRD#:14094)
• LFG (CRD#:37905)
• American Investment Services (CRD#:21111)

Kurta Law Can Help

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