The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Peter Ruggiere. According to his publicly available FINRA BrokerCheck report, Peter Ruggiere has been the subject of multiple customer disputes over the course of his career.

Peter Ruggiere is a Florida based securities broker. He has worked in the securities industry for twenty-six years. During his career, he has been registered with five different securities firms.

His Registrations

  • Josephthal Lyon & Ross Incorporated (1982-1994)
  • Joseph Charles & Associates (1994-2000)
  • Newbridge Securities Corporation (2000-2007)
  • Capital Growth Financial (2007-2008)
  • Dawson James Securities (2008-Present)

The Allegations

  • In September 1994, a customer alleged that Peter Ruggiere recommended unsuitable investments, churned their account, executed unauthorized trades, made material misrepresentations, made margin violations, and breached his fiduciary duty. This case went to arbitration where the customer was awarded $6,403 in damages.
  • In February 2003, a customer alleged that Peter Ruggiere churned their account. This case is currently pending. The customer is seeking $75,000 in damages.
  • In May 2005, a customer alleged that Peter Ruggiere recommended unsuitable investments and engaged in an unauthorized use of margin. This case is currently pending. The customer is seeking approximately $100,000 in damages.
  • In November 2017, a customer alleged that Peter Ruggiere made material misrepresentations. This allegedly took place between May 2016 and November 2017. The customer is seeking $34,869 in damages.
  • In July 2018, a customer alleged that Peter Ruggiere recommended unsuitable investments, made material misrepresentations, and excessively traded their account. This case is currently pending. The customer is seeking $80,013 in damages.

What Does This Mean?

In regards to the more recent allegations made against Peter Ruggiere, one of the more common was that of excessive trading. This act can often cause investors to incur a high number of unnecessary fees and prevent their investments from showing desired returns. These fees occur every time a new trade is executed and can very easily rack up in a way that significantly drains the investor’s principal. Excessive trading usually occurs due to the manner in which brokers are compensated for their services. While some brokers charge a flat fee for managing an investor’s account, many brokers are compensated by receiving a percentage of the investor’s principal investment whenever executing a trade on their behalf. This percentage acts as their commission. Some less than scrupulous brokers believe they can get away with trading an investor’s account excessively to increase their own commissions even to the detriment of their customer. This is a fraudulent trading practice known as churning.

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 Ruggiere, 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.