$18 million Lawsuit alleges Unsuitable Investments Recommendations, Misrepresentations

The White Law Group continues to investigate potential securities claims involving former Merrill Lynch advisor, Peter Ianace of Plano, Texas.

The Financial Industry Regulatory  Authority reportedly barred financial advisor Peter Ianace (CRD#: 3238078) in September 2020, after he failed to provide information in connection with its investigation.

FINRA was reportedly investigating Ianace’s alleged potential failure to disclose outside business activities to his member firm.

According to Ianace’s broker profile, a new complaint was filed on January 25, 2021 alleging “unsuitable investment recommendations and misrepresentations from February 2013 until December 2019.” Damage amount requested is $18,000,000.

Ianace was reportedly affiliated with Merrill Lynch in Frisco, Texas for 2011 until December 2019.  He then reportedly made a move to Wells Fargo for a year before the alleged bar. This is the fourth complaint on his record, according to FINRA.

In August 2020, a customer filed a complaint alleging that their financial advisors made unsuitable investment recommendations and “neglected to reduce the over-concentrated and over-leveraged nature of their accounts.” Damages are not specified in the report.

The other two complaints were filed in 2003 and 2006, according to FINRA. Allegations include negligence, suitability, and breach of contract, among others.

Filing a Complaint against your Brokerage Firm

When brokers abuse client accounts or conduct transactions that violate securities laws, such as selling away  or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

If you are concerned about investments with Peter Ianace, the securities attorneys of The White Law Group may be able to help you recover financial losses. For a free consultation with a securities attorney, please call 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.