PETER DAVID SCHIFF is currently employed as a Broker and/or Investment Adviser at A.G.P. / ALLIANCE GLOBAL PARTNERS located at 200 Dorado Beach Drive, Unit 3031, Dorado, PR, 00646.
PETER DAVID SCHIFF has worked at A.G.P. / ALLIANCE GLOBAL PARTNERS since June 05, 1997
Disclosure History
PETER DAVID SCHIFF has 5 Disclosure Event(s).
Date: October 07, 2016 Category: Customer Dispute Allegations: Customers allege negligence; suitability; negligent and intentional misrepresentation and omissions; fraud; control person liability; breach of fiduciary duty; failure to supervise; violations of the California Securities Act; breach of the FINRA Rules; and breach of contract, which allegedly occurred between January 2010 and June 2014. Damage Amount Requested: $791,607.53 Broker Comment: Mr. Schiff contends that the allegations are patently false. Mr. Schiff did not have direct supervisory responsibility over the broker of the client. The broker was supervised by his Branch Manager, who was supervised by the National Sales Manager. All trades were suitable and conformed to the customer's stated investment objectives and risk tolerance; additionally, customer was an Accredited Investor who was well-equipped to digest the risk associated with private placements, and who assumed these fully-disclosed risks before every investment. Moreover, the customer saw handsome six-to-seven figure gains over many years with the Firm. Much of the alleged losses were generated from non-solicited requests to sell, against the advice and recommendations of the broker and the Firm. The alleged losses were for inheritance investment, where any such losses had occurred prior to the assets being inherited, from an account that was otherwise extremely profitable. The few alleged losses were offset by gains in other investments, which is the basis for risk minimization in a diversified portfolio of investments. In vigorously defending against this frivolous claim, Mr. Schiff may be seeking all necessary and appropriate relief, including pursuing expungement, as well as counter-claims in response to this false and malicious action.
Date: March 25, 2015 Category: Customer Dispute Allegations: unsuitability; churning; common law fraud; breach of fiduciary duty; breach of contract and breach of the implied covenant of good faith and fair dealing; negligence; negligent misrepresentation; and wrongful conduct Damage Amount Requested: $600,000.00 Broker Comment: After three days of hearing, the Panel ruled in favor of the Firm; after determining that the claim was false, the Panel denied all claims in their entirety and recommended expungement for the non-party broker who serviced customer's account. Further, the record established that Mr. Schiff was not involved in the substantive investment-related sales practice allegations, as corroborated by customer testimony and the evidence. It appears Mr. Schiff was referenced in the claim as a public figure in finance, radio host, and as a result of his corporate capacities with, and ownership interest in, the Firm. Mr. Schiff was not named as a party, and no specific allegations against him were lodged by the customer. This disclosure is reported as a procedural matter.
Date: June 06, 2011 Category: Customer Dispute Allegations: THE CUSTOMER ALLEGED THAT THE INVESTMENTS HER ACCOUNT WERE NOT SUITABILE. Damage Amount Requested: $52,000.00 Settlement Amount: $14,950.00 Broker Comment: THE FIRM BELIEVES THAT RESPONDENT PETER SCHIFF WAS NAMED SOLELY BECAUSE OF HIS POSITION AS PRESIDENT OF EURO PACIFIC CAPITAL (CURRENTLY HE IS CEO). HE AT NO TIME HANDLED ANY TRANSACTIONS FOR THE ACCOUNT OR INTERACTED WITH THE CLIENT. THE CLAIMANT DISMISSED ALL CLAIMS AGAINST ALL RESPONDENTS WITH PREJUDICE.
Date: March 07, 1990 Category: Regulatory Initiated By: NATIONAL FUTURES ASSOCIATION Allegations: +03/21/2001+ NATIONAL FUTURES ASSOCIATION, CASE NO. 90BCC00004, DATED MAY 15, 1990, DISCLOSES: ON MARCH 7, 1990, THE CENTRAL REGIONAL BUSINESS CONDUCT COMMITTEE ("CENTRAL COMMITTEE") ISSUED A COMPLAINT TO PETER DAVID SCHIFF ("SCHIFF"). THE COMPLAINT ALLEGES THAT SCHIFF VIOLATED NFA COMPLIANCE RULES 2-2(A) [CHEAT, FRAUD, DECEIVE CUSTOMERS], 2-29(A)(1) [FRAUDULENT COMM. TO PUBLIC PROHIB.], 2-29(B)(1) [USE OF DECEPTIVE PROMO MATER.] AND 2-29(B)(2) [MISSTATEMT/OMISSION OF FACT PROMP.] BY USING DECEPTIVE AND MISLEADING SALES SOLICITATIONS. THAT SCHIFF VIOLATED NFA COMPLIANCE RULE 2-29(B)(3) [BALANCED DISCUSSION RE PROFIT/RISK] BY USING PROMOTIONAL MATERIAL WHICH MENTIONED THE POSSIBILITY OF PROFIT WITHOUT BEING ACCOMPANIED BY AN EQUALLY PROMINENT STATEMENT OF THE RISK OF LOSS. Resolution: Decision Sanctions: ON MAY 15, 1990, THE CENTRAL COMMITTEE ISSUED A DECISION IN WHICH IT ACCEPTED SCHIFF'S SETTLEMENT OFFER. THE DECISION REQUIRES THAT IF SCHIFF APPLIES FOR NFA MEMBERSHIP OR REGISTRATION AS AN NFA ASSOCIATE AT ANY TIME WITHIN NINE MONTHS AFTER ISSUANCE OF THE DECISION, THE COMPLAINT IN THIS CASE MAY BE INCLUDED AS PART OF THE RECORD IN ANY NFA MEMBERSHIP PROCEEDING INSTITUTED AGAINST HIM AND, IN SUCH EVENT, HE SHALL NEITHER DISPUTE NOR SUBMIT EVIDENCE TO REFUTE OR OTHERWISE REBUT THE INFORMATION, ALLEGATIONS, OR CONCLUSIONS CONTAINED IN THE COMPLAINT. DURING THE AFOREMENTIONED NINE-MONTH PERIOD, NFA'S MEMBERSHIP COMMITTEE MAY, IF IT DEEMS IT APPROPRIATE, DENY SCHIFF'S APPLICATION FOR NFA MEMBERSHIP OR ASSOCIATE MEMBERSHIP SOLELY ON THE BASIS OF THE MATTERS RAISED IN THE COMPLAINT. Sanction Details: NONE Broker Comment: I USED TO DISCLOSE THE FACT THAT I HAD AGREED TO ALLOW THE NFA TO USE MY "FAILURE TO DENY A SPECIFIC ALLEGATION CONCERNING ALLEGED DECEPTIVE SALES PRACTICES" AS THE SOLE BASIS OF DENYING MY APPLICATION FOR MEMBERSHIP FOR A PERIOD OF NINE MONTHS. I DID NOT ADMIT TO THESE ALLEGATIONS, AND WAS NEITHER SANCTIONED, FINED, NOR SUSPENDED AS A RESULT OF THIS AGREEMENT. AS A RESULT OF THE UPDATED LANGUAGE OF THE DRP THIS PARTICULAR EVENT IS NO LONGER CONSIDERED A REPORTABLE ITEM, AS THERE ARE NO QUESTIONS WHICH WOULD RESULT IN THIS INCIDENT REQUIRING A "YES" ANSWER.
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