Peter Ermogenous: Complaint Against Wells Fargo Advisor Settles

Carle Place financial advisor Peter Ermogenous (CRD# 5257901) has received several investor complaints alleging his investment advice resulted in losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Wells Fargo Clearing Services, having previously been registered with Citigroup Global Markets and Capital One Investing. 

Mr. Ermogenous’ BrokerCheck report discloses three investor complaints. The most recent, filed in May 2022, alleged that as a representative of Aegis Capital Corporation, he recommended investments that performed poorly. The complaint reached a settlement later that month of $60,000. In a statement on the disclosure, Mr. Ermogenous wrote that the client alleged dissatisfaction with the portfolio’s performance “years after closing his account” and that there was no sales practice violation alleged. 

A second investor complaint, filed in 2020, alleged that he breached his fiduciary duty, recommended unsuitable investments, and breached contract while a representative of Aegis Capital Corporation. In February 2022 the complaint reached a settlement of $90,628.

A third investor complaint, filed in 2010, alleged that as a representative of Prestige Financial Center, he misrepresented the characteristics and risks of exchange-traded fund purchases, failed to execute a stop loss order, and misrepresented the use of margin. In 2011 the complaint reached a settlement of $2,000.

According to the Financial Industry Regulatory Authority, Peter Ermogenous holds 15 years of securities industry experience. Based in Carle Place, New York, he has been a broker and an investment advisor with Wells Fargo Clearing Services since 2022. His past registrations include Citigroup Global Markets, Capital One Investing, JP Morgan Securities, Aegis Capital Corporation, Blackbook Capital, Alexander Capital, Brookstone Securities, Prestige Financial Center, Obsidian Financial Group, and Westrock Advisors. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Connecticut, Florida, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, Pennsylvania, Texas, Utah, and West Virginia. (Information current as of October 1, 2022.)

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