New York City financial advisor Marc Harrison (CRD# 1605568) allegedly violated industry rules, according to an investigation into his conduct....
Read MorePeter Shen: $440K REIT Complaint Against IFG Advisor
San Diego financial advisor Peter Shen (CRD# 5769894) has received multiple investor complaints alleging that his investment advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Realta Equities, having previously been registered with NI Advisors and Independent Financial Group.
Mr. Shen’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in August 2024, alleges that as a representative of Independent Financial Group, he recommended an unsuitable non-traded real estate investment trust (REIT). The pending complaint alleges damages of $440,000.
In a statement included with the complaint’s disclosure, Mr. Shen defended himself against the allegations, writing that the claimant cherry-picked an investment in order to make the claim. “The allegations revolved around failure to perform appropriate due diligence,” he states further. “A preliminary review has not found evidence to support this claim and, as such, it will be defended as without merit.”
An earlier investor complaint, filed in 2023, alleged that as an Independent Financial Group representative, he recommended unsuitable and over-concentrated investments. In 2024 the complaint reached a settlement of $850,000.
A third investor complaint, filed in 2021, alleged that as an LPL Financial representative, he recommended unsuitable REITs. In 2022 the complaint reached a settlement of $275,000.
A third investor complaint, filed in 2014, alleged that as a representative of Cetera Investment Services, he promised a client a 20% return in one year and represented that her principal was guaranteed. In 2015 the complaint reached a settlement of $15,000.
According to the Financial Industry Regulatory Authority, Peter Shen holds 13 years of securities industry experience. Based in San Diego, California, he has been registered as a broker with Realta Equities since July 2024. His past registrations include NI Advisors, Independent Financial Group, LPL Financial, Cetera Investment Services, Primevest Financial Services, and Sagepoint Financial. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California. Nevada, New Jersey, and New York. (Information current as of September 21, 2024.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.