Buddy Clark: $800K Complaint Against Petersen Investments Advisor

Buddy Clark (CRD# 1431762), a financial advisor based in Wall, New Jersey, recently received an investor complaint alleging more than $800,000 in damages. Financial Industry Regulatory Authority records show that he is registered as a broker with Cadaret Grant & Company, doing business as Petersen Advisors.

Mr. Clark’s BrokerCheck report discloses several investor complaints. The most recent, filed in May 2022, alleges that as a representative of Cadaret Grant & Company and Petersen Investments, he recommended “inappropriate” investments and engaged in excessive trading between 2008 and 2021. The pending complaint, which concerns mutual fund and stock investments, alleges damages of $815,157.

A second investor complaint, filed in 2016, alleged that Mr. Clark recommended unsuitable investments and made unauthorized trades while a representative of Petersen Investments. In 2017 the complaint reached a settlement of $75,000.

A complaint filed in 2004 alleged that as a Merrill Lynch representative, Mr. Clark “made unsuitable investments by engaging in highly speculative investments which resulted in large losses.” The complaint also alleged misrepresentations, failure to follow instructions, churning, and that he “caused a margin debt without authorization and without explanation as to risks.” In 2005 the complaint reached a settlement of $95,000.

A complaint filed in 1992, finally, alleged misrepresentation of material facts, eventually reaching a settlement of $12,137.67.

In 2006 Merrill Lynch fired Mr. Clark, according to a disclosure on his BrokerCheck report. The disclosure states that his termination related to allegations he allowed family members to enter transactions, failed to make proper recommendations, and employed a fee-based business model inconsistent with firm guidelines.

According to the Financial Industry Regulatory Authority, Buddy Clark holds 36 years of securities industry experience. Based in Wall, New Jersey, he has been a broker with Cadaret Grant & Company since 2019, doing business as Petersen Investments. His past registrations include Merrill Lynch, Painewebber, Smith  Barney Harris Upham, Dean Witter Reynolds, and Nathan & Lewis Securities. His credentials include the passage of seven securities industry qualifying exams: the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the Uniform Investment Adviser Law Examination, or Series 65; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the National Commodity Futures Examination, or Series 3. He is licensed in Arizona, California, the District of Columbia, Florida, Georgia, New Jersey, New York, North Carolina, Ohio, and Pennsylvania. (Information current as of June 28, 2022.)

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