According to the Financial Industry Regulatory Authority (FINRA), there have been customer complaints filed against Peter Klaass, a registered representative with Allegis Investment Advisors in South Jordan, Utah. The allegations concern unsuitable trading involving options. Klaass was accused of failing to meet the standard of care as a supervisor, and, because of this, a client suffered losses of $400,000. He was also accused of recommending a trading strategy without regard to the client’s age, investment experience and risk tolerance. This is against securities rules and regulations, as a broker is obliged to make only suitable recommendations for his customers. The broker must take into account the client’s age, net worth, investment savvy and investment objectives before recommending or selling a security. He must also base his recommendation the investment’s properties including its benefits, risks, tax consequences and other relevant factors. If he does not, his brokerage firm or former brokerage firm may be responsible for investment losses.
Klaass was formerly registered with Fidelity Brokerage Services in Smithfield, Rhode Island from December 1993 until October 1994, WMA Securities in Duluth, Georgia from October 1994 until July 1995, CUNA Brokerage Services in Waverly, Iowa from July 1995 until July 2002, Edward Jones in St. Louis, Missouri from July 2002 until February 2003, Financial Network Investment Corp in Idaho Falls, Idaho from February 2003 until July 2007, LPL Financial in Idaho Falls from September 2007 until May 2011 and Signator Financial Services in Idaho Falls from April 2011 until June 2014. He is currently registered with Allegis Investment Services in South Jordan, Utah, and has been since May 2014. He has six customer disputes against him, four of which are currently pending.
You may be able to bring litigation claims against Allegis Investment Services in the FINRA arbitration forum in order to recover financial losses you may have suffered with Peter Klaass. The call to our Chicago-based law offices is free with no obligation. Please call today as time is of the essence. Attorneys are standing by to discuss your options of suing his firm on a contingency fee basis, which means we do not get paid unless you recover money.