Broker Murray Todd Peterson Client Complaints – Compensation Help

Customers Dispute Surrounding Diamond Investments Sold by Broker Murray Todd Peterson

Murray Todd Peterson is a previously registered broker and investment adviser whose 35-year career included 11 customer disputes, one termination, and 5 judgments/liens, according to Financial Industry Regulatory Authority’s (FINRA) BrokerCheck

Over the course of his career, Peterson worked with Ameriprise; SCF Securities, Inc.; WFG Investments, Inc.; Commonwealth Financial Network; and Financial Network Investment Corporation.

Customer Disputes

Although three of the customer disputes involving Peterson were either denied or closed with no action, seven complaints have settled, resulting in monetary settlements to the complainants.

Most recently, in November 2020, a claimant alleged fraud and breach of duty on Peterson’s behalf when he sold the client diamonds from an outside activity. That matter reportedly settled for $77,500.

All the other settled disputes reported in BrokerCheck also stem from allegations regarding Peterson’s sale of diamonds while he was an employee of SCF Securities. Settlement amounts in these cases ranged from $9,800 to $351,205.

FINRA received an additional pending dispute in February 2020, although BrokerCheck had not yet received details of the allegations in the claim at the time of this writing. The matter is still pending.

Employment Separation After Allegations

According to BrokerCheck, SCF Securities, Inc. discharged Peterson in October 2019. The allegations cited on the FINRA database include the advisor’s misstating and/or omission of material facts and circumstances regarding an outside business activity.

Judgements and/or Liens

BrokerCheck also presents disclosures of five Internal Revenue Service (IRS) liens against Peterson between July 15, 2013 and February 25, 2020. The amounts of these liens range from $9,219.03 to $164,863.83. Each lien remained outstanding as of this writing. Peterson added comments to his disclosures to the effect that the liens represent the aftermath of the 2008/2009 recession. During this time, Peterson claims that large account receivables were not paid and that he felt the impact of the crisis through 2016.

 
 
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