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Nicholas Peterson is the Subject of a Variable Annuity Dispute

Nicholas Peterson (CRD #: 5985784), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on June 18, 2024. Keep reading for more information. 

Investor Allegations 

On April 22, 2024, an investor alleged that Nicholas Peterson was not acting in their best interest regarding variable annuities. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information 

Nicholas Peterson has passed the following exams: 

  • Series 66 – Uniform Combined State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 

He is a registered broker in 30 states and D.C. He is a registered investment adviser in Texas and Maryland. 

Kurta Law Can Help 

If you have worked with Nicholas Peterson and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.

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