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Investigating Potential Misconduct by Financial Advisor James Leonard Peterson (CRD# 1804629)
Are you one of the many investors who trusted James Leonard Peterson with your financial future? Our investment fraud attorneys are currently investigating allegations of misconduct against Mr. Peterson, a registered broker with Raymond James Financial Services (CRD# 6694) in Saint Cloud, Minnesota. With a concerning history of customer disputes and allegations of unsuitable investment recommendations, investors may have grounds to recover financial losses through FINRA arbitration.
The financial impact of investment fraud can be devastating, particularly for retirees and those nearing retirement who have limited time to rebuild their savings. When financial advisors like James Peterson allegedly engage in misconduct, it’s not just about money—it’s about broken trust and jeopardized financial security. Our dedicated team of investment fraud attorneys specializes in helping victims navigate the complex process of recovering their losses while holding financial professionals accountable for their actions.
Who is James Leonard Peterson?
James Leonard Peterson (CRD# 1804629) is a financial advisor currently registered with Raymond James Financial Services and Raymond James Financial Services Advisors, Inc. in Saint Cloud, Minnesota. According to his BrokerCheck report from the Financial Industry Regulatory Authority (FINRA), Peterson has been in the financial industry since 1988 and is licensed to sell securities in 15 states.
Current Employment and Registration Details:
- Current Firms: Raymond James Financial Services (since 2009) and Raymond James Financial Services Advisors, Inc. (since 2013)
- Location: Saint Cloud, MN office at 4150 2nd Street South, Suite 180
- Other Business Activities: Works with Bremer Bank as a Financial Advisor and Bremer Investments as an Investment Ops Manager
Professional Background and Industry Experience:
Peterson began his career in the securities industry in February 1988 with First Investors Corporation. He later worked at The Prudential Insurance Company of America from November 1989 to December 1993 and Pruco Securities Corporation from November 1989 to November 1995. Before joining Raymond James, Peterson spent nearly 14 years (from November 1995 to August 2009) at Invest Financial Corporation.
Examination History and Qualifications:
According to FINRA records, Peterson has passed the following industry examinations:
- Securities Industry Essentials Examination (SIE) in October 2018
- General Securities Representative Examination (Series 7) in May 2001
- Investment Company Products/Variable Contracts Representative Examination (Series 6) in February 1988
- Uniform Securities Agent State Law Examination (Series 63) in March 1988
Notably, Peterson has not passed any principal/supervisory examinations, which are typically required for those in supervisory or managerial roles in the securities industry.
Red Flags: Multiple Customer Disputes on Peterson’s Record
FINRA’s BrokerCheck report reveals that Peterson has been the subject of four customer disputes throughout his career. The presence of multiple complaints is a significant concern that may indicate a pattern of problematic behavior rather than isolated incidents. These complaints include:
Recent Allegations of Misconduct:
- December 2024: A customer alleged Peterson misappropriated funds and accepted forged documents to establish accounts. According to the disclosure, this conduct allegedly occurred over a period spanning from April 2010 to December 2024, suggesting a potentially long-term issue. While this complaint was denied by the firm, the serious nature of these allegations raises substantial concerns about Peterson’s handling of client accounts and adherence to industry standards.
Previous Customer Complaints:
- May 2008: A customer alleged misrepresentation regarding a variable annuity, claiming $14,426.27 in damages. This complaint was ultimately denied by the firm, but it highlights concerns about Peterson’s disclosure practices when selling complex investment products.
- April 2002: A client alleged that Peterson did not follow their directions and placed them into overly aggressive investments that were unsuitable for their risk profile. This case was settled for $50,000, though the original claim sought $240,000 in damages. According to Peterson’s own statement, the settlement was reached “to avoid the high cost of legal representation,” which is a common reason brokerage firms settle claims even when they believe they could prevail.
- April 2001: A customer alleged Peterson sold an unsuitable variable annuity given the client’s age and medical history. The client sought compensation for their original investment plus surrender charges. This complaint was denied, but it raises questions about Peterson’s approach to suitability determinations.
Understanding the Significance of These Complaints
While some complaints against financial advisors are ultimately denied or dismissed, multiple complaints involving similar issues—particularly regarding suitability and misrepresentation—may indicate problematic sales practices. The financial industry takes a pattern of complaints seriously, as it could suggest underlying issues with how an advisor conducts business or communicates with clients.
Warning Signs of Investment Fraud
When evaluating your relationship with any financial advisor, including James Peterson, look for these potential red flags:
- Unauthorized Transactions: Trades or account changes made without your explicit permission
- Unsuitable Investments: Recommendations that don’t align with your risk tolerance, financial goals, or personal circumstances
- Misrepresentation: False or misleading information about investment products, risks, or potential returns
- Account Document Issues: Forged signatures, altered account statements, or missing documentation
- Excessive Trading (Churning): Frequent buying and selling primarily to generate commissions
- Concentration in High-Risk Investments: Over-concentration in volatile assets unsuitable for your financial situation
Variable Annuity Concerns
Multiple complaints against Peterson involve variable annuities, which are complex investment products that may not be suitable for all investors. These products often feature:
- High fees and commissions
- Substantial surrender charges for early withdrawals
- Complex tax implications
- Long lock-up periods
- Limited liquidity
Variable annuities can be appropriate for some investors but may be unsuitable for seniors, those needing liquidity, or investors with short-term financial goals. If Peterson recommended these products without fully explaining these characteristics, you may have grounds for a claim.
Legal Options for Recovering Investment Losses
If you believe you’ve been a victim of financial misconduct by James Peterson or any Raymond James Financial Services representative, you have several potential avenues for recovery:
1. FINRA Arbitration
The most common method for recovering investment losses is through FINRA arbitration. This process is:
- Generally faster than traditional litigation
- Usually more cost-effective than court proceedings
- Binding on the parties involved
- Specifically designed to handle securities disputes
2. Securities Litigation
In some cases, particularly those involving multiple investors or significant losses, formal litigation may be appropriate. Our securities attorneys can advise on whether this approach makes sense for your situation.
3. Regulatory Complaints
Filing complaints with regulators such as FINRA, the SEC, or state securities divisions may not directly recover your losses but can prompt investigations that protect other investors.
Raymond James Financial Services’ Liability
Brokerage firms have a legal obligation to supervise their financial advisors properly. Raymond James Financial Services may be liable for losses caused by Peterson if they failed to:
- Implement adequate supervision systems
- Monitor trading activity in client accounts
- Conduct proper due diligence on investment products
- Address red flags or patterns of complaints
- Ensure suitable investment recommendations
Time Limitations: Act Quickly to Preserve Your Rights
Investment fraud claims are subject to strict statutes of limitations and eligibility requirements:
- FINRA Arbitration: Generally must be filed within 6 years of the event giving rise to the claim
- State Securities Laws: Varying deadlines, often between 2-5 years
- Federal Securities Laws: Typically 1-2 years for certain claims
The longer you wait to take action, the more challenging it may be to recover your losses. Evidence can disappear, memories fade, and legal deadlines may expire.
Our Investment Fraud Attorneys Can Help
Our experienced investment fraud attorneys have a proven track record of recovering losses for victims of broker misconduct. We offer:
- Free, Confidential Case Evaluations: We’ll review your situation and explain your options with no obligation
- Contingency Fee Representation: You pay no attorney fees unless we recover money for you
- Experienced FINRA Arbitration Counsel: Our attorneys have extensive experience with the FINRA arbitration process
- Full Investigation Resources: We’ll thoroughly investigate your broker’s conduct, trading history, and firm supervision
- Expert Witness Network: Access to financial experts who can testify about industry standards and unsuitable recommendations
Questions to Consider if You Invested with James Peterson
If you’ve worked with James Peterson, consider these important questions:
- Did Peterson fully explain the risks, costs, and features of all investments he recommended?
- Were the investments suitable given your financial situation, goals, and risk tolerance?
- Did you experience unexpected losses that seemed inconsistent with your investment objectives?
- Did Peterson disclose all fees and commissions associated with your investments?
- Were there unauthorized trades or account changes you didn’t approve?
- Did Peterson recommend concentrating too much of your portfolio in particular investments?
Don’t Wait to Protect Your Financial Future
Investment losses due to broker misconduct can be devastating, particularly for retirees and those approaching retirement. If you’ve experienced losses while working with James Peterson, taking prompt action is crucial.
Our investment fraud attorneys have recovered millions for victims of broker misconduct and securities fraud. We understand the emotional and financial toll these situations take on investors and their families.
Next Steps: Free Consultation
Contact our investment fraud recovery team for a confidential, no-obligation consultation about your situation. We’ll help you understand:
- Whether you have a viable claim against Peterson or Raymond James
- The potential recovery options available to you
- The timeline and process for pursuing your claim
- What documentation and evidence will strengthen your case
Contact Us Today
Call 800-950-6553 or complete our online form to schedule your no-obligation case evaluation.
Disclaimer: This content is for informational purposes only and does not constitute legal advice. The allegations described are based on public records and have not necessarily been proven in a court of law. Past performance is not indicative of future results, and every case is unique.
