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Ameriprise Financial Services Broker, Joseph Peggs, Has Eight Disclosed Customer Complaints Alleging Various Sales Practice Violations

Joseph Peggs (CRD # 121971) is a Financial Advisor at Ameriprise Financial Services, Inc. in Seminole, FL.  Joseph Peggs has been in the securities industry since 1984 and previously worked at Planmember Securities Corporation, AXA Advisors, LLC, Woodbury Financial Services, Inc. Jefferson Pilot Securities Corporation, NFP Securities, Inc. and FFP Securities, Inc.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Joseph Peggs has eight disclosed customer complaints during his.  Among the customer complaints are the following:

  • 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.”
  • 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 matter settled for $15,000.
  • May 2017 – “The client’s attorney alleged there were unauthorized transactions on his account(s).” The matter settled for $38,221.04.
  • June 2003 – “CLIENT ALLEGES REPRESENTATIVE MADE GUARANTEES REGARDING THE FUTURE VALUE OF A LIFE INSURANCE CONTRACT, WHICH THE CLIENT PURCHASED IN NOVEMBER 2002.” The matter settled for $50,000.

In addition, in 2003, Joseph Peggs was censured by the NASD for failing to describe variable annuities in a balanced way, including omitting material information regarding, costs, risk and restrictions.

For a copy of Joesph Pegg’s CRD, click https://brokercheck.finra.org/individual/summary/1219721#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]