PETER ERIC GIALAMES is currently employed as a Broker and/or Investment Adviser at CAMBRIDGE INVESTMENT RESEARCH, INC. located at 1580 MCLAUGHLIN RUN RD, STE 116, PITTSBURGH, PA, 15241.
PETER ERIC GIALAMES has worked at CAMBRIDGE INVESTMENT RESEARCH, INC. since July 23, 2014
Disclosure History
PETER ERIC GIALAMES has 1 Disclosure Event(s).
Date: October 06, 2010 Category: Customer Dispute Allegations: NEGLIGENCE, UNSUITABILITY, FAILURE TO SUPERVISE, BREACH OF FIDUCIARY DUTY: IN JUNE 2007 CLAIMANTS MOVED APPROXIMATELY $850,000 IN VARIOUS IRA MUTUAL FUNDS AND VARIABLE ANNUITIES TO RESPONDENTS. FROM JUNE 2007 UNTIL LATE 2008 CLAIMANTS ALLEGE LOSSES OF APPROXIMATELY $300,000 DUE TO MARKET ACTIVITY. CLAIMANTS REQUESTED THAT THEIR BALANCES BE MOVED TO MONEY MARKET ACCOUNTS IN LATE 2008. CLAIMANTS HAVE NOT PARTICIPATED IN THE 2009 MARKET REBOUND DUE TO BEING INVESTED IN MONEY MARKET FUNDS. CLAIMANTS TERMINATED RESPONDENTS SERVICES IN AUGUST/SEPTEMBER 2009. Damage Amount Requested: $300,000.00 Settlement Amount: $29,999.98 Broker Comment: CLAIMANTS ROLLED THEIR ASSETS OVER TO RESPONDENT AT THE HEIGHT OF THE MARKET IN 2007. FROM THAT POINT UNTIL THE SUMMER OF 2008 THE MARKET SUFFERED A STEADY DECLINE. THE DECLINE IN MARKET ACTIVITY CULMINATED WITH AN UNPRECEDENTED DETERIORATION OF MARKET VALUE IN THE FALL AND WINTER OF 2008. CLAIMANTS REQUESTED TO BE MOVED TO MONEY MARKET FUNDS IN THEIR IRAS AND VARIABLE ANNUITIES HELD IN THEIR IRAS. CLAIMANTS WERE INSULATED FROM FURTHER VOLATILITY AND DECLINES IN THE MARKET THAT LASTED UNTIL BEGINNING OF MARCH OF 2009 BY BEING OUT OF THE MARKET. HOWEVER WHEN THE MARKET REBOUNDED IN THE SPRING AND SUMMER OF 2009 THEY DID NOT PARTICIPATE DUE TO THE FACT THAT THEY WISHED TO REMAIN IN THEIR MONEY MARKET POSITIONS.THE TRANSFERRED ACCOUNTS OF QUESTIONABLE SUITABILITY COMPOSED ALMOST ENTIRELY OF VARIABLE ANNUITIES WERE NOT SOLD BY THE RESPONDENT BUT INHERITED BY THE ROLLOVER OF ASSETS. CLAIMANTS WERE REALLOCATED FROM THEIR GROWTH ORIENTED ALLOCATION TO A MORE MODERATE ALLOCATION BASED ON THEIR INVESTING OBJECTIVES, RISK TOLERANCE AND AGE.THE FIRM SETTLED WITH [CUSTOMERS] INDIVIDUALLY FOR $14,999.99 EACH TO AVOID THE EXPENSE OF DEFENDING THE CLAIM.
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