INVESTORS: Former Ameriprise Financial Services broker Murray Todd Petersen was named in two pending customer disputes alleging fraud and negligence related to the purchase of a diamond Petersen sold them via an outside business activity.
Murray Todd Petersen (CRD#: 1295255) was registered as a broker with Ameriprise Financial Services from 2019 until 2020. Previously, Petersen was registered as a broker with SCF Securities from 2015 until 2019.
Petersen has twenty-three disclosures on his BrokerCheck report. Two customer disputes filed against Petersen were denied and one was closed with no action taken. Six disclosures relate to Petersen’s personal financial matters.
May 2022 Customer Dispute
Status: Pending
Allegations: Claimants allege fraud and negligence related to the purchase of a diamond Petersen sold them via an outside business activity.
Damage Amount Requested: $50,000.00
May 2022 Customer Dispute
Status: Pending
Allegations: Claimants allege fraud and negligence related to the purchases of diamonds and jewelry Petersen sold them via an outside business activity.
Damage Amount Requested: $155,800.00
March 2022 Customer Dispute
Status: Settled
Allegations: Claimants allege fraud and negligence related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $237,740.00
Settlement Amount: $115,000.00
December 2021 Customer Dispute
Status: Pending
Allegations: Claimant alleges fraud and breach of duty related to the purchase of diamonds Petersen sold him via an outside business activity and alternative investments sold prior to Petersen registering with SCF.
Damage Amount Requested: $320,000.00
November 2021 Regulatory Judgment
Status: Final
Initiated By: FINRA
Allegations: Without admitting or denying the findings, Petersen consented to the sanction and to the entry of findings that he engaged in an unapproved outside business activity (OBA) by selling jewelry for investment purposes and receiving commissions for the sales. The findings stated that Petersen’s member firm initially approved the OBA but later withdrew its approval. Petersen, however, continued to participate in the OBA and received approximately $115,900 in jewelry sales commissions during this period. The findings also stated that Petersen participated in two undisclosed private securities transactions while associated with a different member firm. Petersen introduced two customers to an investment offered by the jewelry company and helped facilitate their investments. Each investor signed a contract for the investments that stated that the investment would be used to fund the manufacture of diamond jewelry for sale to retail stores in China and other Asian markets. The contract stated that the jewelry company would handle all jewelry sales to these markets and would make periodic payments to investors for one year, however the customers only received a portion of the total payments. Thereafter, the customers did not receive any additional payments from the company. In addition, the contract entitled the investors to a percentage of the profits obtained by the jewelry company from the jewelry sales, but the customers did not receive any distribution of profits. The company also never returned any of the principal amount of the customers’ investments. Petersen did not provide written notice to the firm and did not obtain written permission from the firm for his participation in these private securities transactions. Although these transactions were outside the scope of Petersen’s employment with the firm, he inaccurately stated in annual compliance questionnaires that he had not engaged in any private securities transactions.
Resolution: Acceptance, Waiver & Consent (AWC)
Bar: Bar (Permanent)
Registration Capacities Affected: All Capacities
Duration: Indefinite
Start Date: 11/22/2021
November 2020 Customer Dispute
Status: Settled
Allegations: Claimant alleges fraud and breach of duty related to the purchase of diamonds Petersen sold him via an outside business activity.
Damage Amount Requested: $275,000.00
Settlement Amount: $77,500.00
June 2020 Customer Dispute
Status: Settled
Allegations: Claimants alleges fraud and breach of duty related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $960,000.00
Settlement Amount: $351,205.00
June 2020 Customer Dispute
Status: Settled
Allegations: Claimants alleges fraud and breach of duty related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $20,000.00
Settlement Amount: $9,800.00
March 2020 Customer Dispute
Status: Settled
Allegations: Claimants alleges fraud and breach of duty related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $55,000.00
Settlement Amount: $45,000.00
March 2020 Customer Dispute
Status: Settled
Allegations: Claimants alleges fraud and breach of duty related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $94,500.00
Settlement Amount: $46,305.00
March 2020 Customer Dispute
Status: Settled
Allegations: Please see complainant statement of claim filed as part of Arbitration Number 20-00553. Complainant was never a customer of SCF Securities, Inc.
Damage Amount Requested: $100,000.00
Settlement Amount: $49,000.00
March 2020 Customer Dispute
Status: Settled
Allegations: Claimants alleges fraud and breach of duty related to the purchase of diamonds Petersen sold them via an outside business activity.
Damage Amount Requested: $108,000.00
Settlement Amount: $52,920.00
February 2020 Customer Dispute
Status: Settled
Allegations: Not available at this time, to be provided when allegation information is provided.
October 2019 Employment Separation After Allegations
Firm Name: SCF Securities, Inc.
Termination Type: Discharged
Allegations: Advisor misstated and/or omitted material facts and circumstances regarding an outside business activity.
If you have any information about Murray Todd Petersen that you would like to share or discuss, please call our firm for a confidential consultation. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.
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