Simon Wesley Petro (CRD #6899791) Has a Customer Dispute Disclosure on FINRA BrokerCheck

Simon Wesley Petro (CRD #6899791) is a broker with a customer dispute on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 10, 2026. It reflects one customer dispute. If you invested with Simon Wesley Petro and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Simon Petro’s FINRA BrokerCheck Report reflects one customer dispute disclosure. A summary of the dispute is below:

On January 21, 2026, a customer alleged Simon Petro used a delta shift option strategy that was inappropriate for a concentrated stock position. Simon Petro’s FINRA BrokerCheck lists the product as options. The matter is pending. Damages were unspecified.

Rule Summary #1: FINRA Rule 2360 (Options)

FINRA Rule 2360 governs options activity and requires firms to supervise options recommendations and account approvals. When a complaint involves an options strategy, this rule can matter because the recommendation and review should fit the customer and the account.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis to believe a recommendation or strategy is suitable for the customer. A dispute over a concentrated stock options strategy can raise questions about risk tolerance, objectives, and liquidity needs.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Simon Petro:

Is currently registered with Morgan Stanley.

Has passed the Securities Industry Essentials (SIE) exam. Simon Petro has passed Series 7. He has also passed Series 66.

No previous securities firm registrations are listed on his current BrokerCheck report.

Kurta Law Can Help

If you have worked with Simon Petro and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.