The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Peter Steege. According to his publicly available FINRA BrokerCheck report, Peter Steege has been the subject of multiple customer disputes over the course of his career.
Peter Steege is a Colorado-based securities broker. He has worked in the securities industry for thirty-six years. During his career, he has been registered with eleven different securities firms.
- Boettcher & Company (1982-1985)
- Drexel Burnham Lambert Incorporated (1985-1989)
- Smith Barney, Harris Upham & Co. (1989)
- A.G. Edwards & Sons (1989-1990)
- D.E. Frey & Company, Inc. (1990)
- Neidiger, Tucker, Bruner, Inc. (1990-1994)
- Cohig & Associates, Inc. (1994-1998)
- Kirkpatrick, Pettis, Smith, Polian (1998-2001)
- Global Capital Securities Corporation (2001-2002)
- Sands Brothers & Co. (2002)
- Western International Securities (2002-Present)
- In April 2001, customers alleged that the investments recommended by Peter Steege did not match their previously stated investment objectives. This case was settled for $500,000 in damages.
- In June 2001, a customer alleged that Peter Steege made unsuitable investment recommendations and executed unauthorized trades. This case was settled for $218,000 in damages.
- In August 2001, another customer alleged that Peter Steege made unsuitable investment recommendations and executed unauthorized trades. This case was settled for $50,000 in damages.
- In January 2017, a customer alleged that Peter Steege breached his fiduciary duty, breached contract, and made material misrepresentations of fact. This case was settled for $125,000 in damages.
What Does This Mean?
Misrepresentation occurs when a securities broker provides their customer with information that has been falsified in some manner. This act can be a result of the broker’s negligence and inability to perform their duties to the necessary standard required for their position. This act can also be a result of the broker’s own fraudulent intent and their desire to place their own financial interests ahead of their customers. Whether misrepresentation occurs on purpose or on accident, it can cause the investor to make crucial financial decisions based on misinformation. This can cause the investor to experience significant financial losses.
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 Steege, 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.