James Peterson: Did Raymond James Advisor Misappropriate Funds?

St. Cloud, Minnesota financial advisor James Peterson (CRD# 1804629) recently received an investor complaint alleging that he misappropriated funds. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Raymond James Financial Services, and that he is a representative of Bremer Investments.

Mr. Peterson’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in December 2024, alleges that as a representative of Raymond James Financial Services, he “misappropriated funds and accepted forged documents to establish accounts.” The pending complaint alleges unspecified damages.

An earlier investor complaint, filed in 2002, alleged that as a representative of Invest Financial Corporation, he did not follow the customer’s directions and placed them in overly aggressive investments. In 2003 the complaint reached a settlement of $50,000.

A third investor complaint, filed in 2008, alleged that he misrepresented a variable annuity product. The complaint alleged damages of $14,426.27 and was denied by the firm.

Raymond James Financial Services’ website includes a page in which Mr. Peterson’s practice, Bremer Investments, describes its services and approach. “We’ve found that financial success requires a multifaceted approach, and we aim to support clients with our abundant capabilities and tenured expertise,” it explains. “We combine strategic asset allocation, disciplined portfolio rebalancing and conversations to pursue this, striving to ensure investments are consistently aligned with the needs and priorities of your organization.”

According to the Financial Industry Regulatory Authority, James Peterson holds 35 years of securities industry experience. Based in St. Cloud, Minnesota, he has been registered as a broker and an investment advisor with Raymond James Financial Services since 2009 and 2013, respectively. His past registrations include Invest Financial Corporation, Pruco Securities Corporation, the Prudential Insurance Company of America, and First Investors Corporation. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 17 state licenses. (Information current as of February 17, 2025.)

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