Peter Monson, with Van Clemens & Co., Suspended from Securities Industry
Have you lost money with financial advisor Peter Douglas Monson from Minneapolis, Minnesota? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against Peter Douglas Monson. FINRA suspended him from the securities industry for six months and fined $7,500.
Monson was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning). FINRA alleged that one of Monson’s elderly customers had an account with a cost-to-equity ratio of 34%. To put this in perspective, if an account had a cost equity ratio of 34%, that means the trading in the account would have to make a 34% profit annually just to break even from the costs of trading. Monson also traded many microcap stocks in the account, such as Alpha Natural Resources, Inc. (ANR).
Peter Monson (aka Pete Monson) was a registered representative and financial advisor with Van Clemens & Co. from February 2014 to February 2020. He worked out of a branch office in Minneapolis, Minnesota. Monson has also been the subject of at least one customer complaint.
Broker-dealers like Van Clemens & Co. have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Minnesota. Our attorneys have represented over one thousand investors against many brokerage firms in the past.