Peter Joseph Klein, Broker with Hightower Securities, Named in Multiple Customer Disputes Alleging Unsuitable Investment Recommendations

INVESTORS: Hightower Securities broker Peter Joseph Klein was named in three customer disputes alleging violation of suitability obligations in connection with private placements.

Peter Joseph Klein (CRD#:1523734) is registered as a broker and investment adviser with Hightower Securities, where he has been employed since 2013. Previously, Klein was registered as a broker with UBS Financial Services from 1994 until 2013. 

Klein has three disclosures on his BrokerCheck report. 

April 2021 Customer Dispute

Status: Pending

Allegations: Claimants, former clients of Peter Klein, allege certain sales practice violations, including violation of suitability obligations, in connection with a private placement investment made on or around August 2017, currently required to be disclosed pursuant to FINRA guidance.

Damage Amount Requested: $600,000.00

Broker Comment: Mr. Klein is not a named party to this arbitration; his name does not appear anywhere in the Statement of Claim and there are no specific allegations of sales practice violations against him.

March 2021 Customer Dispute

Status: Pending

Allegations: Claimant, a former client of Peter Klein, alleges certain sales practice violations, including violation of suitability obligations, in connection with a private placement investment made on or around April 2015, currently required to be disclosed pursuant to FINRA guidance.

Damage Amount Requested: $500,000.00

Broker Comment: Mr. Klein is not a named party to this arbitration; his name does not appear anywhere in the Statement of Claim and there are no specific allegations of sales practice violations against him.

September 2020 Customer Dispute

Status: Pending

Allegations: Klein was named in a customer complaint that asserted the following causes of action: failure to supervise, unsuitability, breach of fiduciary duty, negligence, misrepresentation/omission, and violation of FINRA Rule 2010.

Damage Amount Requested: $600,000.00

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