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.
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