Peter Vincent Ianace, of Frisco, Texas, a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated, is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $18,000,000.00 in damages supported by accusations of misrepresentation and unsuitable recommendations by Ianace between February of 2013 and December of 2019 when he was registered with Merrill Lynch Pierce Fenner Smith. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00172 (January 25, 2021).
Ianace has been identified in three more customer initiated investment related disputes containing allegations of his wrongdoing during the time that he was registered with AG Edwards Sons Inc. and Wells Fargo Clearing Services LLC. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim concerning Ianace’s activities was settled for $60,000.00 in damages founded on accusations of breach of contract and breach of fiduciary duty by Ianace regarding common and preferred stock trades when he was associated with AG Edwards Sons. According to the claim, industry standards were breached, and Ianace’s negligence resulted in damages to the customer.
Ianace is also the subject of a customer initiated investment related written complaint where the customer sought compensatory damages based upon allegations of Ianace failing to tell the customer important information regarding variable annuity transactions during the time that Ianace was employed by AG Edwards Sons. The complaint also alleges an unsuitable variable annuity sale.
On August 7, 2020, another customer filed an investment related FINRA securities arbitration claim regarding Ianace’s conduct. The customer requested $13,000,000.00 in damages supported by accusations of Ianace’s bad advice at Wells Fargo Clearing Services. FINRA Arbitration No. 20-02353. According to the claim, the customer’s account was overconcentrated and overleveraged. Ianace allegedly failed to address this, resulting in damages to the customer.
FINRA Public Disclosure also shows that Ianace has been barred from associating with any FINRA member in any capacity founded on findings that Ianace failed to cooperate with a FINRA investigation concerning his potential undisclosed outside business activities when he was registered with Merrill Lynch. Letter of Acceptance, Waiver, and Consent No. 2020065477101 (September 3, 2020). According to the AWC, Ianace told FINRA on August 21, 2020, that he received its request for documents and information and refused to cooperate with its investigation. Ianace violated FINRA Rules 2010 and 8210 for this reason.
Ianace was registered with Merrill Lynch between October 21, 2011, and December 11, 2019. He was registered with Wells Fargo Clearing Services between December 10, 2019, and June 8, 2020.
