INVESTORS: Former Aegis Capital broker Peter James Fetherson is facing charges from FINRA alleging that he converted and misused customer funds.
Peter James Fetherson (CRD: 2108610) was registered as a broker with Aegis Capital in 2020. Fetherson was previously registered as a broker with Principal Securities, Inc. from 2018 until 2020.
Fetherson has five disclosures on his BrokerCheck report.
May 2020 Regulatory Judgment
Initiated By: FINRA
Allegations: Fetherston was named a respondent in a FINRA complaint alleging that he converted and misused customer funds. The complaint alleges that Fetherston induced two customers, a married couple, to write him three checks totaling $89,000 by falsely representing to them that they owed him commissions and that he would use a portion of the funds to purchase additional investments in their account at his member firm. The customers did not owe Fetherston any commissions, and Fetherston never invested any of the funds on their behalf. Instead, Fetherston deposited the checks into his personal bank account and spent the funds on personal expenses, including paying off significant debt. The complaint also alleges that Fetherston falsely stated that the customers gave him the funds to help him pay his medical bills and expenses. Then, Fetherston provided FINRA with a handwritten note, purportedly drafted and signed by the customers, stating that they gave Fetherston three checks totaling $89,000 to help him to pay his medical expenses and associated costs. The customers, however, neither wrote nor signed any such note, and they did not give Fetherston any funds to help him pay his medical expenses and associated costs. In addition, Fetherston falsely testified that the customers gave him the money for medical expenses and other associated costs, and that the customers wrote and signed the handwritten note. The complaint further alleges that Fetherston failed to respond to a written request for information. Fetherston provided a partial response to FINRA’s request, but the response was incomplete because he failed to identify the medical expenses that he paid with the money obtained from the customers.
February 2020 Customer Dispute
Allegations: Clients allege they provided multiple checks made payable directly to the representative for what he said were for commissions and investments.
Damage Amount Requested: $89,000.00
Settlement Amount: $89,000.00
January 2020 Employment Separation After Allegations
Firm Name: Principal Securities, Inc.
Termination Type: Discharged
Allegations: The registered representative was discharged based on the Firm’s belief that he did not follow Firm policies and procedures regarding some replacement and switch transactions.
October 2017 Employment Separation After Allegations
Firm Name: MML Investors Services, LLC
Termination Type: Discharged
Allegations: Terminated in connection with pending criminal charge.
October 2017 Criminal Judgment
Status: Final Disposition
Charges: Intimidation of a witness
The Sonn Law Group is currently investigating allegations surrounding Peter James Fetherson. 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.