Murray Todd Petersen, Formerly of Ameriprise Financial Services, Named in Multiple Customer Disputes Alleging Fraud and Negligence

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.


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