Gary Woodruff Peterson, of Rockford, Illinois, a stockbroker formerly registered with Ameriprise Financial Services, was prohibited from offering or selling securities in the State of Illinois based upon consenting to The State of Illinois Securities Department allegations that Peterson effected excessive trades in a customer’s account for purposes of accumulating excessive commissions to the customer’s detriment. Case No. 1200052 (Aug. 31, 2015).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Peterson was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide a response to FINRA’s information request. Letter No. 2012033459401 (Jan. 21, 2014).
Prior to Peterson’s FINRA bar, he was terminated by Ameriprise Financial Services, Inc. on July 17, 2012, based upon allegations that Peterson violated the firm’s policies concerning a fiduciary relationship that Peterson maintained, unbeknownst to the firm, with a customer outside the firm’s auspices. Further, on January 21, 2014, a customer initiated investment related arbitration claim involving Peterson’s conduct was settled for $37,170.00 in damages based upon allegations that Peterson effected unsuitable and excessive options transactions, and churned the customer’s investment portfolio.
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