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Peter Ianace: Ex-Wells Fargo Rep Has $18 Million Complaint

Former Plano, Texas broker and investment adviser Peter Ianace (CRD#: 3238078) has received pending customer complaints in the last several years, including one alleging damages of $18 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Ianace was most recently registered with Wells Fargo Clearing Services, though he was barred in September 2020 from associating with any FINRA member firm.

According to his FINRA-maintained BrokerCheck report, Peter Ianace has received two pending customer complaints and one settled customer complaint. He was also barred from FINRA in 2020 in connection to allegations he refused to provide FINRA with documents and information requested as part of its “investigation into his potential failure to disclose outside business activities to his member firm.” FINRA’s findings go on to state that Ianace “initially cooperated” with the investigation but later “ceased doing so.” Consequently he was indefinitely barred from associating with any FINRA member in any capacity.

A January 2021 complaint alleged that Peter Ianace, as a representative of Merrill Lynch, recommended unsuitable investments and made misrepresentations of material facts with regard to investments in futures and commodity options between February 2013 and December 2019. The pending complaint alleges damages of $18 million.

An August 2020 complaint alleges that Peter Ianace, as a representative of Wells Fargo Clearly Services, recommended unsuitable products and “neglected to reduce the over-concentrated and over-leveraged nature of their accounts.” The complaint alleges damages “in excess” of $13 million.

A 2004 complaint alleged that as a representative of A.G. Edwards & Sons, he acted negligently, acted grossly negligent, breached industry standards, breached contract, and breached his fiduciary duty with regards to investments in common and preferred stock. The complaint reached a settlement in 2005 of $60,000.

While Peter Ianace is not currently registered as a broker or investment adviser, he was most recently registered with Wells Fargo Clearing Services in Plano, Texas from 2019-2020. Before that, he was registered with Merrill Lynch in Frisco, Texas; Morgan Stanley Smith Barney in Plano, Texas; Morgan Stanley & Co. in Plano, Texas; Morgan Stanley DW Inc. in Plano, Texas; and A.G. Edwards & Sons in St. Louis, Missouri. He has passed five securities industry qualifying examinations: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the National Commodity Futures Examination, or Series 3; the Futures Managed Funds Examination, or Series 31; and the General Securities Representative Examination, or Series 7. He currently holds zero state securities registrations. (Information current as of June 6, 2021.)

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