The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Peter Maller. According to his publicly available FINRA BrokerCheck report, Peter Maller has been the subject of multiple customer disputes over the course of his career.
Peter Maller is a Maryland based securities broker. He has worked in the securities industry for twenty-seven years. During his career, he has been registered with just two different securities firms.
His Registrations
- The Lincoln National Life Insurance Company (1993-2006)
- Lincoln Financial Advisors Corporation (1993-Present)
The Allegations
- In April 2019, a customer alleged that Peter Maller recommended a highly unsuitable and illiquid trading strategy. This case is currently pending. The customer is seeking $350,394 in damages.
- In August 2019, a customer alleged that Peter Maller invested her life savings in an unsuitable and deceptive manner. The customer alleged that Maller over-concentrated her assets in illiquid annuities and illiquid private investments. This case is currently pending.
What Does This Mean?
Most investors require a certain amount of liquidity when investing. Liquidity means having ready access to funds. Liquid assets includes both funds held in private bank accounts, and equities purchased through public exchanges. This is because these types of securities are accompanied by a guaranteed redemption, which means that investors can liquidate their shares for the stated market value should the need to do so arise. This is not the case with products like annuities and private alternative investments not sold on public exchanges. These types of investments are highly illiquid and cause investors to incur significant sales charges and/or trading losses when withdrawing funds early. Because of this, these types of securities should never be recommended to investors that may need to liquidate assets over the life of the investment should the need to do so arise.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Peter Maller, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.
