Peter Silbaugh Allegedly Executed Unauthorized Annuity Distribution
Peter Silbaugh (CRD #: 734877), a broker registered with Ameriprise Financial Services, allegedly executed an unauthorized annuity distribution, according to his BrokerCheck record, accessed on November 13, 2022. Investors may also have engaged his services through True Colors Financial. If you have questions about his conduct as a broker, keep reading.
On August 29, 2022, an investor alleged that Peter Silbaugh facilitated an unauthorized partial distribution from a non-qualified variable annuity. The client also alleged that he did not disclose the capital gains associated with a full variable annuity surrender at the time of that transaction.
The investor seeks $235,675.93 in this pending dispute.
FINRA Rule 3260
FINRA Rule 3260 prohibits brokers from executing their discretion outside of accounts authorized for discretionary trading by their client and firm.
FINRA Rule 2020
FINRA Rule 2020 bans the use of manipulative, deceptive, or otherwise fraudulent tactics to influence the purchase or sale of securities. This includes the misrepresentation and omission of an investment’s limitations, requirements, and other features.
Peter Silbaugh 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 22 – Direct Participation Programs Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Peter Silbaugh is a registered broker in 27 states and a registered investment adviser in Minnesota and Texas.
He has also worked for IDS Life Insurance Company (CRD#:6321) and IDS Financial Services (CRD#:6320).
Kurta Law Can Help
If you worked with Peter Silbaugh 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.