Robert Petro: Received Two Customer Complaints

Robert PetroPublic records published by the Financial Industry Regulatory Authority (FINRA) on December 25, 2016 indicate that Alabama-based Wells Fargo Advisors Financial Network broker/adviser Robert Petro, also known as Gene Petro, has been the subject of customer complaints. The experienced attorneys at Fitapelli Kurta are interested in speaking to investors who have complaints regarding Mr. Petro (CRD# 715693).

Robert Petro has spent 36 years in the securities industry and has been registered with Wells Fargo Advisors Financial Network in Mobile, Alabama since October 2015. Previous registrations include Morgan Stanley in Mobile, Alabama; Citigroup Global Markets in Mobile, Alabama; the Robinson-Humphrey Company in Atlanta, Georgia; Shearson Lehman Hutton; and EF Hutton & Company. He is a registered broker and investment adviser with sixteen US states and territories.

According to his BrokerCheck report, Robert Petro has received two customer complaints.

In 2001 a customer alleged Robert Petro, while employed at Morgan Stanley Smith Barney, recommended an unsuitable variable annuity product. The complaint settled in 2011 for $98,000.

In 2010 a customer alleged Robert Petro, while employed at Morgan Stanley Smith Barney, failed to follow instructions in connection to a mutual fund investment. The complaint settled in 2011 for $50,000.

Variable annuities are similar to mutual funds, though they have three noteworthy features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with brokers who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have complaints regarding Robert Petro, also known as Gene Petro, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.