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Peter Lawrence, Securities Broker, Accused of Financial Misconduct: Possible Investor Claims

News recently broke that securities broker Peter Lawrence [CRD#: 2695687, Hauppauge, New York] was allegedly involved in some shady financial activities, which left his investors questioning his integrity. My analysis today digs into Lawrence’s tenure with American Portfolios Financial Services Inc, where he worked from January 8, 2019, to November 21, 2023, following his previous role at Questar Capital Corporation. In 2023, the dubious nature of his transactions began to come to light.

What was Happening Behind Closed Doors?

I’ll take you back to November 7, 2023, when an investor at American Portfolios Financial Services Inc. made a worrisome claim against Peter Lawrence. The investor stated that Lawrence had left out important details in a document about a variable annuities purchase. The result? The investor suffered losses and asked for compensation of $12,347.85 from either the firm or directly from Lawrence.

Any Streak of Misconduct?

Not long after, on October 27, 2023, American Portfolios Financial Services Inc. let Lawrence go. Why? He had given a client doctored reports filled with errors. This raised serious concerns about his professional behavior. Essentially, Lawrence stood accused of mishandling his clients’ investments.

What’s the Upshot of these Allegations?

But that’s not all. On the same day, October 27, another client accused Lawrence of wrongly selling variable annuities, leading them to incur $5,000 in losses, for which they also sought compensation. Another Questar Capital Corporation investor claimed in September that Lawrence had been deceitful about a variable annuity purchase back in 2015, which also caused financial harm to them.

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The situation peaked on September 25, 2023, when a client of American Portfolios Financial Services Inc. cited FINRA Arbitration No. 23-02596 in a claim against Lawrence, including allegations of inappropriately selling products like fixed and variable annuities, and breaching his fiduciary duty, resulting in potential losses ranging from $100,000 to $500,000. Lawrence and his affiliated firm may deny these claims, but their severe nature can’t be overlooked.

If you’ve been affected financially by Peter Lawrence’s alleged actions, it’s crucial not to stay silent. Reaching out to a law firm with a strong record of helping investors recover their losses is an important step. It’s key to note that many reputable financial and legal services don’t charge upfront fees, as they usually work on a contingency basis.

Warren Buffet once said, “It takes 20 years to build a reputation and five minutes to ruin it.” The same can be applied to financial advisors whose actions can dramatically impact their clients’ trust and financial wellbeing. Speaking of financial advisors, did you know that approximately 7.3% of financial advisors have been reported for misconduct, as per a study by the University of Chicago? This is a startling fact that underlines the necessity for investors to thoroughly review an advisor’s FINRA CRD number and background before entrusting them with their finances.

As a financial analyst and writer, I advocate for transparency and accountability in the financial industry. Every sentence I share with you is intended to inform, shed light on complexities, and hopefully, provide a clearer path for you to navigate the ever-complicated world of finance. Investors deserve better, and part of my mission is to help you understand the implications of financial misconduct and what you can do if you find yourself in such a predicament.

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