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INVESTOR ALERT—FINRA Fined Peter Marketos $20,000 And Suspended Him For One Year For Allegedly Concentrating Client Accounts In The Energy Sector

The Wolper Law Firm is currently investigating claims against former Raymond James and Cantella & Associates Financial Advisor, Peter Marketos.  Peter Marketos has been in the securities industry since the 1990s and previously worked at Oppenheimer. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 18, 2018, Peter Marketos was sanctioned by FINRA.  The sanction included a fine of $20,000 and a suspension of one year from associating with any broker-dealer.  The Letter of Acceptance, Waiver and Consent entered into between FINRA and Peter Marketos states:

“Without admitting or denying the findings, Marketos consented to the sanctions and to the entry of findings that he made recommendations to concentrate three customers’ investments in High Yield Bonds, which was unsuitable in light of the customers’ investment profiles. The findings stated that Marketos recommended that the three customers concentrate their accounts in speculative high yield corporate bonds that were rated below investment grade by the major ratings agencies (High Yield Bonds) and in high yield bonds issued by oil and gas companies, which increased the risk of loss in their accounts. However, none of the customers had prior investment experience with corporate or high yield bonds. The customers consisted of an individual over the age of 65 and partially retired, a married couple in their 50s that had retired early, and an individual with a limited income comprised mainly of disability benefits.”

For a full copy of Peter Marketos’ BrokerCheck report, click https://brokercheck.finra.org/individual/summary/1997184#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.   

In recent years, many Financial Advisors recommended securities to their clients that were focused in the energy sector as these investments provided above-average returns to clients and the energy markets were steadily appreciating.  In 2015, the energy markets began to decline, which has continued through the present.  The price decline put tremendous financial pressure on energy related companies, some of which became insolvent.  Clients with large exposure to the energy sector experienced volatility and price decline. 

The Wolper Law Firm is interested in speaking with clients of Peter Marketos as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com

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. 

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