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Peter Po: REIT Complaint Against Cupertino Advisor
Pending investor complaints against Cupertino broker and investment advisor Peter Po (CRD# 3106974) allege that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a representative of NI Advisors and was fired from his previous position at Voya Financial Advisors.
Mr. Po’s BrokerCheck report discloses three pending investor complaints. The most recent, filed in April 2022, alleges that as a representative of NI Advisors, he recommended unsuitable asset-backed debt securities. The pending complaint alleges damages of $25,000 to $50,000.
An earlier complaint, filed in April 2022, alleges that he recommended unsuitable and over-concentrated investments in a non-traded real estate investment trust (REIT) and a business development company. The pending complaint alleges damages of $20,425. In a comment on the disclosure, Mr. Po stated that “the client did not purchase [the] BDC.”
A third investor complaint, filed in September 202, alleges that as a representative of Voya Financial Advisors, Mr. Po “recommended an investment strategy mostly comprised of unsuitable, high-risk, illiquid alternative investments,” and further that he misleadingly represented the investments as “safe and low-risk.” The pending complaint alleges damages of $99,999.
Mr. Po’s BrokerCheck report additionally discloses his 2015 firing from Voya Financial Advisors. According to the disclosure, he was fired in relation to allegations he violated firm policies by “providing inaccurate customer assets in connection with a product transaction,” and by using an unapproved email address, participating in unapproved outside business activities without firm approval, and discussing investment products on “radio show appearances which were not approved by the firm.” In a comment on the disclosure, Mr. Po stated that “The allegation made by Voya are false,” going on to assert that he used a personal email address for “personal business,” that the alleged outside business activity was “participation in club meetings for which representative received no compensation,” and that the radio show appearances “concerned insurance, an approved outside activity, and not an investment product and not against any known firm policy.”
According to the Financial Industry Regulatory Authority, Peter Po holds 23 years of securities industry experience. Based in Cupertino, California, he has been a broker and investment advisor with NI Advisors since 2015. His past registrations include Voya Financial Advisors, MetLife Securities, Mony Securities Corporation, Merrill Lynch, Citicorp Investment Services, and Dean Witter Reynolds. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Futures Managed Funds Examination, or Series 31; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, California, Florida, Nevada, New Jersey, New York, Texas, and Virginia. (Information current as of June 13, 2022.)
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