A recent investor complaint against San Jose financial advisor Colin Mansfield (CRD# 4643275) alleges six-figure damages resulting from misconduct. Records...Read More
Peter Maller: $100K Complaint Against Maller Wealth Advisor
A recent investor complaint against Hunt Valley, Maryland financial advisor Peter Maller (CRD# 2322403) concerns an investment in Atlas Growth Partners. Records maintained by the Financial Industry Regulatory Authority show that he is a broker and an investment advisor with Lincoln Financial Advisors, and a representative of Maller Wealth Advisors.
Mr. Maller’s BrokerCheck report discloses several investor complaints. The most recent, filed in February 2023, alleges that as a representative of Lincoln Financial Advisors Corporation, he recommended an unsuitable oil and gas product. The pending complaint alleges damages of $100,000.
In a statement included with the pending complaint’s disclosure, Mr. Maller pushes back against the claim, which he describes as concerning an allegedly unsuitable investment in Atlas Growth Partners. “AGP was one partnership we offered to this client amongst several other investments,” he states, adding further: “AGP represented a very small and appropriate percentage of the client’s overall investment portfolio. The oil markets unexpectedly imploded after the investment and did not recover for several years. This unfortunate timing led to AGP’s disappointing performance.” He concludes the statement by asserting that the firm diversifies its clients portfolios “so that if one investment does not perform as anticipated, the portfolio as a whole still performs,” and that this is the case with the claimant’s portfolio.
An earlier investor complaint, filed in 2019, alleged that he invested the customer’s life savings “in an unsuitable and deceptive manner, specifically concentrating her assets in annuities and illiquid, non-publicly traded investments.” The complaint reached a settlement of $115,000.
In a statement included with the complaint’s disclosure, Mr. Maller wrote that he “vehemently” disagrees with the allegations. “The accounts were properly diversified and rebalanced each and every year. The client was never at a loss at any time during their tenure with MWA,” he wrote, continuing: “In fact, the client made a nice profit and this was documented! Much due diligence was put into each and every security that was recommended and I communicated continuously with the client including meeting, at least, twice per year over many years.”
According to the Financial Industry Regulatory Authority, Peter Maller holds 30 years of securities industry experience. Based in Hunt Valley, Maryland, he has been a broker and an investment advisor with Lincoln Financial Advisors since 1993 and 1998, respectively. He is a representative of Maller Wealth Advisors. He was previously registered with the Lincoln National Life Insurance Company from 1993 until 2006. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 43 state licenses. (Information current as of March 26, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.