Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 18, 2016 indicate that Massachusetts-based Detwiler Fenton & Company broker Peter Fenton is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fenton (CRD# 2334505).
Peter Fenton has spent 23 years in the securities industry and has been registered with Detwiler Fenton & Company in Boston, Massachusetts since 1993. He was previously registered with Detwiler Fenton Wealth Management in Boston, Massachusetts (2011-2015). He is a registered broker in Massachusetts.
According to his BrokerCheck report, Peter Fenton has received one pending customer complaint.
In 2013, a customer alleged Peter Fenton, while employed at Detwiler Fenton & Company, orchestrated a Ponzi scheme, engaged in churning, executed unauthorized trades, breached his fiduciary duty, violated FINRA fair practice rules, and failed to supervise. The customer is seeking $300,000 in damages in the pending complaint.
FINRA Rule 3110(a)(2) requires broker-dealer firms to assign “an appropriately registered principal(s)” to perform supervisory duties for every type of business the firm conducts. Principals are required to ensure the compliance of individual representatives as well as the firm as a whole. Relevant issues include the representatives’ character and qualifications, outside employment, and regulation of business transactions. Representatives may not engage in outside business activities or securities transactions without providing written notice to their supervising principals. Principals who fail in their supervisory duties may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Peter Fenton, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.