Western International Securities, Inc. Financial Advisor Peter Steege Receives New $500,000 Customer Complaint
Posted on Thursday, August 17th, 2017 at 7:12 pm
Erez Law is currently investigating Western International Securities, Inc. financial advisor Peter Steege (CRD# 1060713) regarding breach of fiduciary duty, breach of contract, and misrepresentation. Steege has been registered with Western International Securities, Inc. in Denver, Colorado since 2002. Steege has been in the securities industry for 33 years and was “permitted to resign” from A.G. Edwards & Sons, Inc. in St. Louis, Missouri in 1990, and was discharged from Smith Barney, Harris Upham & Co., Inc. in 1989.
In June 1995, Illinois Securities Department denied Steege’s application regarding, “One respondent was suspended by the NYSE in case 94-14 for engaging in unauthorizing trading in customer accounts.” In April 1994, a hearing panel censured and suspended Steege for six months alleging that he, “Effected unauthorized transactions in customer accounts; effected unsuitable margin transactions and failed to follow customers’ instructions.” In October 1991, the Georgia Secretary of State sanctioned Steege to a monetary fine of $2,500 and suspended him for seven months regarding allegations that Steege “Offered for sale unregistered securities at a time when he was not registered, also engaged in unauthorized trades.”
Steege has been the subject of nine customer complaints between 1990 and 2017, two of which were denied and two were closed without action, according to his CRD report:
January 2017. “Breach of Fiduciary Duty, Breach of Contract, Misrepresentation.” The customer is seeking $491,448 in damages and the case is currently pending.
August 2001. “Unsuitable investment made 2 years prior. Alleged purchase of securities without authorization 2 years prior.” The customer sought $78,200 in damages and the case was settled for $50,000.
June 2001. “Alleged unsuitable investment & order executive without authorization(jan 01-may 01-est).” The customer sought $631,000 in damages and the case was settled for $218,000.
April 2001. “Clients allege that investments recommended did not match their investment objectives.” The customer sought $775,000 in damages and the case was settled for $500,000.
July 1990. “The customer customer complaint alleged that their broker had, eight months prior, purchased stock in their account without their knowledge or permission.” The case was settled for $29,758.43.
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, Western International Securities, Inc. may be liable for investment or other losses suffered by Steege’s customers.
Erez Law represents investors in the United States for claims against Western International Securities, Inc. financial advisor Peter Steege, regarding breach of fiduciary duty, breach of contract, misrepresentation. If you were a client of Western International Securities, Inc. or another firm, 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.