{"id":10141,"date":"2021-08-23T16:08:28","date_gmt":"2021-08-23T20:08:28","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=10141"},"modified":"2021-08-23T16:08:28","modified_gmt":"2021-08-23T20:08:28","slug":"finra-bars-broker-peter-ianace-following-investigation-into-private-business-activities","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-bars-broker-peter-ianace-following-investigation-into-private-business-activities\/","title":{"rendered":"FINRA Bars Broker Peter Ianace Following Investigation Into Private Business Activities"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9587 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/12\/Peter-Ianace.jpg\" alt=\"Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999.  Two Pending Investment Arbitration Claims Allege \u201cUnsuitable\u201d Investment Recommendations  According to Ianace\u2019s BrokerCheck Report, published by the Financial Industry Regulatory Authority (FINRA), two of Ianace\u2019s customers recently initiated securities arbitrations\u2014one against Wells Fargo and one against Merrill Lynch\u2014relating to the alleged mishandling of their accounts:  One customer alleges Ianace \u201cmade unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts\u201d resulting in alleged damages of $13,000,000. Another customer alleges \u201cunsuitable investment recommendations and misrepresentations\u201d resulting in requested damages of $18,000,000.  According to FINRA, the types of investments allegedly at issue include commodities. Regardless of the type of investment, FINRA Rules require brokers to have \u201ca reasonable basis to believe a recommended transaction or investment strategy involving a security or securities is suitable\u201d based on a variety of factors, including the investor\u2019s age, financial situation, investment objectives, risk tolerance etc. FINRA also requires brokers to \u201cKnow Your Customer\u201d so that brokers learn and evaluate these factors before making investment recommendations.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/12\/Peter-Ianace.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/12\/Peter-Ianace-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>Peter Ianace (Peter Vincent Ianace CRD# <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/3238078\" target=\"_blank\">3238078<\/a>) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-bars-broker-peter-ianace-following-investigation-into-private-business-activities\/#more-10141\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Ianace (Peter Vincent Ianace CRD# 3238078) was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services, but spent 2011-2019 as a registered representative of Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated in Frisco, Texas. Ianace has been in the securities industry since 1999. Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[584,580],"tags":[],"class_list":["post-10141","post","type-post","status-publish","format-standard","hentry","category-selling-away","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Peter Ianace Barred Following Investigation Into Private Business Activities<\/title>\n<meta name=\"description\" content=\"Peter Ianace was a registered broker and investment adviser who most recently was registered with Wells Fargo Clearing Services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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