Peter Foley Allegedly Executed an Excessive Number of Trades

Peter Foley (CRD #: 2580052), a broker registered with UBS Financial Services, is the subject of an investor dispute, according to his BrokerCheck record, accessed on September 18, 2023. Keep reading if you have questions about his alleged conduct as a broker. 

On July 28, 2023, an investor alleged that Peter Foley excessively traded in her account. The client further alleged that Folely recommended unsuitable investments in light of the client’s age and investment goals. Additionally, the client alleged that she was not forewarned that her portfolio was pledged against her mortgage. 

What is Excessive Trading? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. Each trade comes with a transaction fee, so too many transactions will result in excessive fees for the investor. Excessive trading is also known as “churning.” 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Failing to warn a customer that their portfolio was pledged against their mortgage may violate this rule. 

Background Information 

Peter Foley has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 3 National Commodity Futures Examination 
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination
• Series 9 General Securities Sales Supervisor – Options Module Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 

He is a registered broker in 37 states and D.C. He is a registered investment advisor in Florida and Texas. 

Peter Foley has registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• Merrill Lynch, Pierce, Fenner, & Smith (CRD #: 7691) 

Kurta Law Can Help

If you worked with Peter Foley and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.