Unsuitable Investment Recommendations with Hightower Securities, LLC Broker Peter Klein

Hightower Securities

There are options for clients of Hightower Securities, LLC broker Peter Klein (CRD# 1523734) who is accused of unsuitable investment recommendations. Peter Klein has been registered with Hightower Securities, LLC in Melville, New York since 2013. 

Peter Klein Customer Complaints

Peter Klein has been the subject of three customer complaints between 2020 and 2021, according to his CRD report:

April 2021. “Claimants, former clients of Peter Klein, allege certain sales practice violations, including violation of suitability obligations, in connection with a private placement investment made on or around August 2017, currently required to be disclosed pursuant to FINRA guidance.” The customer is seeking $600,000 in damages and the case is currently pending. The case was regarding direct investments and took place while Peter Klein was registered with Hightower Securities, LLC.

March 2021. “Claimant, a former client of Peter Klein, alleges certain sales practice violations, including violation of suitability obligations, in connection with a private placement investment made on or around April 2015, currently required to be disclosed pursuant to FINRA guidance.” The customer is seeking $500,000 in damages and the case is currently pending. The case was regarding direct investments and took place while Peter Klein was registered with Hightower Securities, LLC.

September 2020. “Klein was named in a customer complaint that asserted the following causes of action: failure to supervise, unsuitability, breach of fiduciary duty, negligence, misrepresentation/omission, and violation of FINRA Rule 2010.” The customer is seeking $600,000 in damages and the case is currently pending. The case was regarding direct investments, equity OTC, and unspecified securities and took place while Peter Klein was registered with Hightower Securities, LLC.

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, Hightower Securities, LLC may be liable for investment or other losses suffered by Peter Klein’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.