PETER MICHAEL PATTERSON is currently employed as a Broker and/or Investment Adviser at VALIC FINANCIAL ADVISORS, INC. located at 12001 RESEARCH PARKWAY, SUITE 132, ORLANDO, FL, 32826.
PETER MICHAEL PATTERSON has worked at VALIC FINANCIAL ADVISORS, INC. since August 24, 2010
Disclosure History
PETER MICHAEL PATTERSON has 4 Disclosure Event(s).
Date: July 16, 2001 Category: Customer Dispute Allegations: CLIENT ALLEGATIONS INCLUDED UNAUTORIZED TRANSACTIONS,EXCESSIVE TRADING,UNAUTHORIZED WITHDRAWLS,AND SPECULATVE TRADING WITHOUT CLIENT CONSENT Damage Amount Requested: $250,000.00 Settlement Amount: $250,000.00
Date: September 18, 1998 Category: Customer Dispute Allegations: UNSUITABLE AND UNAUTHORIZED TRASNACTIONS.CUSTOMER WAS SEEKING $135,000 IN DAMAGES, REPRESENTING ALLEGEDLOSSES, ATTORNEY'S FEES, PUNITIVE DAMAGES, AND RETURNS ON THEINVESTMENTS. Damage Amount Requested: $135,000.00 Broker Comment: THE ALLEGATIONS WERE INVESTIGATED AND DETERMINEDTO BE MERITLESS.MR PATTERSON EMPHATICALLYS DENIES ALL OF THEALLEGATIONS.
Date: August 01, 1987 Category: Customer Dispute Allegations: ALLEGATIONS WERE CHURNING AND UNSUITABILITYBROUGHT AGAINST DEAN WITTER AND ME. THE ORIGINAL CLAIM WAS FOR$350.000. Damage Amount Requested: $350,000.00 Settlement Amount: $150,000.00 Broker Comment: DEAN WITTER PAID [CUSTOMER] $150,000. DEAN WITTERPAID ALL MY LEGAL COSTS. THERE WAS NO FINE, NO SUSPENSION ORRESTRICTION OF ANY KIND.[CUSTOMER] WAS AN ACTIVE, KNOWLEDGEABLE, "HANDSON" PROFESSIONAL INVESTOR WHOSE EXPRESSED GOAL WAS "TO RUN HISACCOUNT UP TO A MILLION DOLLARS," THROUGH SHORT TERM TRADING OFLARGE BLOCKS OF STOCK. HE KEPT CONSTANT TRACK OF ALLTRANSACTIONS, PROFITS, LOSSES, AND COMMISSIONS. THE EQUITY INHIS ACCOUNT FLUCTUATED WILDLY AS HE MADE AND LOST LARGE SUMS OFMONEY FROM FEBRUARY 1982 THROUGH MAY 1986 AND NEVER COMPLAINEDUNTIL ONE WEEK IN MAY OF 1986. HE LOST $114,000 ON A BLOCK OFPURCHASE OF 10,000 SHARES OF IOMEGA CORP., A STOCK HE HADSELECTED. [CUSTOMER] ALSO DEMANDED AND RECEIVED DEEP COMMISSIONSDISCOUNTS. AFTER 4-1/2 YEARS OF CLOSELY MONITORING THE ACTIVITYWITH NO COMPLAINT, HE HAD THE TEMERITY TO CLAIM THAT THEACTIVITY WAS NOT ACCORDING TO HIS WISHES. ALL EVIDENCE CLEARLYSHOWS THE ALLEGATIONS ARE BASELESS AND WITHOUT MERIT.
Date: December 01, 1984 Category: Customer Dispute Allegations: [CUSTOMER] SUED ME INDIVIDUALLY. HE ALLEGEDCHURNING, UNSUITABILITY AND FRAUD. HE LOST $32,000 AND SUED MEFOR $450,000/THIS SUIT WAS A PERSONAL VENDETTA BY [CUSTOMER]. Damage Amount Requested: $450,000.00 Settlement Amount: $47,500.00 Broker Comment: I SETTLED WITH [CUSTOMER] OUT OF COURT FOR$47,500/I HAVE PAID 100% OF LEGAL FEES IN EXCESS OF $125,000.THERE HAVE BEEN NO SUSPENSIONS FINES OR RESTRICTIONS. IRECEIVED A LETTER OF ADMONISHMENT FROM THE NYSE IN MAY 1990 ACOPY OF WHICH IS ATTACHED.[CUSTOMER] IS A VERY WEALTHY, HARVARD EDUCATEDBUSINESS LAWYER FROM NASHUA, N.H. HE HAD BEEN TRADINGSECURITIES FOR OVER 25 YEARS AND HAD A HISTORY OF HISTORY OFASSERTING CLAIMS AGAINST BROKERS. [CUSTOMER] SUED ME WHEN HISINVESTMENT IN MCI CORP. DROPPED DRAMATICALLY IN 1984. I HADBEEN HIS BROKER FOR 10 YEARS PRECEDING THIS EVENT WITH NOCOMPLAINTS. [CUSTOMER] TRANSFERRED SEVERAL ACCOUNTS WITH ME OVERTHE YEARS. HIS KEOUGH ACCOUNT WAS HIS OWN "TRADING VEHICLE"WHILE $150,000 PLUS WAS INVESTED IN BLUE CHIPS AND MUNICIPALBONDS. HE WAS EXTREMELY IMPATIENT WITH ALL TRADES. HE SAID HISKEOUGH WAS NOT HIS "NEST EGG". HE ESTABLISHED A PATTERN OFTRADING STOCKS FOR SHORT TERM GAINS AND DID SO FOR 6 YEARSWITHOUT ANY COMPLAINTS. OVER THE YEARS, HE RECOMMENDED ME TOMANY OF HIS FRIENDS. BEFORE HIS SUIT, [CUSTOMER] AND I WERECLOSE PERSONAL FRIENDS. THE EMOTIONAL STRESS AND STRAIN OFYEARS OF THIS
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