There are options for clients of former First Allied Advisory Services, Inc. broker Peter Rhee (CRD# 2326728) who is accused of unsuitable investment recommendations. He has been registered with Cetera Advisors LLC in Frankfort, Illinois since 2022. Previously, he was registered with First Allied Securities, Inc. in Frankfort, Illinois from 2015 to 2022 and with First Allied Advisory Services, Inc. in Frankfort, Illinois from 2015 to 2020.
Peter Rhee Customer Complaints
He has been the subject of three customer complaints between 2020 and 2022, according to his CRD report:
July 2022. “Client Attorney alleges unsuitable investment, breach of fiduciary duty. Negligence and negligent supervision.” The customer is seeking $50,000 in damages and the case is currently pending. The complaint took place while he was registered with Investment Planners, Inc. and the complaint was regarding equipment leasing.
May 2022. “Claimant alleges financial adviser recommended unsuitable investments. Claimant further alleges causes of action of suitability, breach of contract, misrepresentation, failure to supervise, and breach of contract.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint took place while he was registered with First Allied Advisory Services, Inc. and was regarding real estate investment trusts (REITs).
November 2020. “Unsuitable investment of alternative products.” The customer sought $420,887 in damages and the case was settled for $30,000. The complaint took place while he was registered with Investment Planners, Inc.
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, First Allied Advisory Services, Inc. may be liable for investment or other losses suffered by Peter Rhee’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.