With a history dating back to 1984, Todd Petersen is a veteran of the securities industry. However, it is his recent history, with eight customer disputes logged on his BrokerCheck Record in 2020, that is attracting attention, for the wrong reasons. He was discharged by SCF Securities, Inc. with whom he was a registered representative from 2015 to 2019, in Roseville, California, because he “misstated and/or omitted material facts and circumstances regarding an outside business activity.” He joined Ameriprise Financial Services, LLC but lasted less than a year there, before apparently moving out of the securities industry altogether.
Petersen’s BrokerCheck Record
The eight arbitration claims filed by investors in 2020 seem to have a common theme; all of them arise out of the purchase and sale of diamonds. Further, each complaining investor alleges “fraud and breach of duty related to the purchase of diamonds Petersen sold . . .” and claims that the diamond sales were an ‘outside business activity.’
Damages claimed ranged from $20,000 all the way to $960,000, eventually settling for between $9,800 and $351,205, with one still pending.
His discharge from SCF Securities in 2019 is also noted on his BrokerCheck Report.
Outside Business Activity of Petersen
Though not specifically identified, it seems possible that the outside business activity alleged to be the reason for the discharge from SCF Securities in 2019, is the diamond-related business that attracted eight customer complaints.
Disclosure of outside business activities to their employing firms is a requirement for brokers. It is expected to enable the firm to uphold its statutory responsibilities regarding the conduct of the representative and ensure the protection of clients from fraud and other broker misconduct. Their responsibility covers the outside business activities of their brokers.
Are you impacted?
Though eight complaints have been filed, there could be other customers who have had similar dealings with Petersen and also, potentially, face losses as a result.
If you are one of them or know someone who has been impacted, the possibility of moving against Petersen’s employer for recovery of losses should be actively considered. The employing firm has the responsibility of monitoring and supervising the activities of their registered representatives and ensuring clients are not taken for a ride and end up losing money while the broker earns hefty commissions. This extends to unusual, alternative, risky investments like diamonds, precious metals, private real estate, or virtually anything else in which an investment is sold and made. It could also be private investment. Anything.
Our investment fraud lawyers can help
Claims involving SCF Securities and Murray Todd Petersen are being investigated by Haselkorn & Thibaut, on behalf of impacted investors who lost money in these transactions. Our investment fraud attorneys are experienced in supporting investors in their claims for recovery of losses arising out of frauds involving precious metals. We encourage you to contact Haselkorn & Thibaut for a confidential consultation to understand your recovery options. We can be reached toll-free at 1-800-856-3352.