Were you the victim of Ameriprise Financial Services, Inc. broker Joseph Peggs (CRD# 1219721)? Peggs has been registered with Ameriprise Financial Services, Inc. in Seminole, Florida since 2015. Previously, Peggs was registered with Planmember Securities Corporation in Seminole, Florida from 2013 to 2015.
In October 2002, Peggs NFP Securities terminated Peggs regarding, “NASD enforcement alleging advertisement violations.”
In September 2013, NASD censured Peggs and sanctioned him to a $10,000 fine regarding, “respondent submitted sales literature for approval to his member firm’s compliance department that described variable annuities emphasizing the product’s benefits but failed to present a balanced discussion of the product and omitted material information regarding costs, risks, and restrictions. Two of the newsletters failed to identify that the product being discussed was a variable annuity and stated that there were no fees involved when, in fact, investors who purchase variable annuities generally pay fees. The newsletters also failed to disclose that registered representatives who sell variable annuities often receive up front compensation through commissions and may receive ongoing, periodic compensation,” according to the Acceptance, Waiver & Consent.
Peggs has been the subject of eight customer complaints between 2002 and 2019, according to his CRD report. Recent complaints are regarding:
June 2019. “Plaintiffs, the estate of a decedent and the decedent’s ex-wife, allege that AFSI, Peggs and several other defendants failed to carry out the decedent’s intentions regarding beneficiary designations for two annuities. The decedent’s ex-wife contends that the proceeds of the annuities should have been distributed in such a way that the proceeds could fund continuing payments to her. Plaintiffs seek relief including imposition of a constructive trust over the proceeds of the annuities, which were distributed to the decedent’s children. The alleged damages are unspecified.” The case is currently pending. The case was regarding variable annuities and took place while Peggs was registered with Ameriprise Financial Services, Inc.
February 2019. “Client alleges that the representative placed them in an unsuitable holding when they rebalanced the portfolio in March of 2015 and that the holding in question then lost significant value.” The customer sought $20,158.22 in damages and the case was settled for $15,000. The case was regarding common and preferred stocks and took place while Peggs was registered with PlanMember Securities Corporation.
May 2017. “Client requests return of all items or funds taken by the advisor. The client’s attorney alleged there were unauthorized transactions on his account(s).” The case was settled for $38,221.04.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Ameriprise Financial Services, Inc. may be liable for investment or other losses suffered by Peggs’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.