The Wolper Law Firm is currently investigating claims against Michael Pepe, a Financial Advisor at Ameriprise in Tampa, Florida. Michael Pepe has been in the securities industry since the 1980s and previously worked for Gunallen Financial and UBS Financial Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on May 10, 2018, a customer filed a complaint against Michael Pepe, alleging he “engaged in Unauthorized trading in unsuitable securities. Claimant further alleges that had he been suitably invested, he would have generated a profit of approximately $750,000 under a well-managed portfolio damages analysis.” Unauthorized trading is a serious violation of industry rules and both the Financial Advisor and brokerage firm could be liable for all resulting losses.
Michael Pepe has a history of customer complaints, including five (5) customer complaints since 2000:
- October 2008—Customer alleges improper sale of “auction rate securities.” The matter was settled for $50,000.
- June 2005—“Customer alleges unauthorized trading.”
- March 2005—“Claimants allege that their broker made unsuitable recommendations and overconcentrated their accounts in equities.” The matter was settled for $159,000.
- April 2002—“Client verbally alleges unauthorized trading in the account.” The matter was settled for $200,000.
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.
If you or someone you know was a customer of Michael Pepe and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.