Peter Robertson (CRD# 1695345), a broker registered with Osaic Wealth, is facing investor disputes alleging he recommended unsuitable oil and gas investments. These pending disputes, filed in 2024, seek cumulative damages exceeding $3 million. Haselkorn and Thibaut is investigating Mr. Robertson for potential misconduct and encourages any concerned clients to reach out for a free consultation.
As an experienced financial advisor, it’s crucial to understand the suitability standard. All investment recommendations must be appropriately tailored to a client’s specific investment profile, which includes their goals, risk tolerance, liquidity needs, and more. Recommending speculative, illiquid oil and gas ventures to conservative investors, for example, would likely breach this standard. According to a Bloomberg article, the SEC has warned brokers about recommending complex products to retail investors without properly assessing suitability.
Robertson’s background and Peak Financial Group
Peter Robertson entered the securities industry in 1987 with Cigna Financial Advisors in Pennsylvania. He later joined Lincoln Financial Advisors in 1998, which was acquired by Osaic Wealth in 2024. Today, he operates under the brand Peak Financial Group out of Osaic’s Irvine, California office.
Peak Financial Group claims to have “exclusively partnered with affluent executives, business owners and their families” for over 30 years to address their “unique, complex, and multifaceted financial needs.” With nearly four decades of industry experience, Mr. Robertson holds several professional licenses, including Series 7, 22, and 63.
Decoding FINRA rules and complaint consequences
FINRA, the financial industry’s self-regulatory body, requires brokers to “have a reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable for the customer.” This is based on the customer’s investment profile ascertained through reasonable diligence (FINRA Rule 2111).
Recommending unsuitable investments is a serious allegation that can result in significant consequences for advisors, including:
- Fines and penalties
- Suspensions or permanent bans from the securities industry
- Mandatory arbitration to recoup investor losses
According to the famous investor Warren Buffett, “Risk comes from not knowing what you’re doing.” Trustworthy financial advisors must thoroughly understand both their clients’ needs and the risks of recommended products.
Seeking justice and recovering investment losses
If you suffered losses due to unsuitable oil and gas or other investment recommendations from Peter Robertson, Haselkorn and Thibaut may be able to help recover your damages. Call 1-888-784-3315 for a free attorney consultation. Be aware that you may have limited time to file a claim, so don’t hesitate to seek counsel and explore your legal options.
Remember, as financial educator Robert Kiyosaki wisely stated, “Financial freedom is available to those who learn about it and work for it.” Thorough due diligence and working with reputable professionals are key to protecting and growing your wealth. If you believe you’re the victim of advisor misconduct, assertive action is crucial to pursuing the justice and recovery you deserve.
