Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on June 6, 2018 indicate that former Massachusetts-based SCF Securities broker/adviser Peter Orlando has been named in a pending FINRA complaint and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Orlando (CRD# 1142715).
Peter Orlando has spent 27 years in the securities industry and was most recently registered with SCF Securities in Fall River, Massachusetts (2014-2018). Previous registrations include MetLife Securities in Warwick, Rhode Island (2010-2014); Morgan Stanley Smith Barney in Providence, Rhode Island (2009-2010); Morgan Stanley & Company in Providence, Rhode Island (2008-2009); Investors Capital Corporation in Providence, Rhode Island (2007-2008); Investors Capital Corporation in Lynnfield, Massachusetts (2001-2003; 2005); Schneider Securities in Denver, Colorado (1999-2001); Prudential Securities in New York, New York (1996-1998); Locust Street Securities in Des Moines, Iowa (1995-1996); and John Hancock Distributors (1988-1993). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has been named in a pending FINRA complaint.
In February 2018 he was named respondent in a FINRA complaint alleging he “improperly obtained control over the finances of his member firm’s customer, an 81-year-old widow.” FINRA alleges further that Mr. Orlando secured a durable power of attorney as well as a health power of attorney over the client and made use of his position to become the executor of her will; he was also named as the beneficiary of her bank account and the primary beneficiary of her will, according to FINRA, and his wife was named as a contingent beneficiary of the will. Mr. Orlando allegedly failed to disclose these arrangements to his member firm, whose policies prohibited representatives from acting in a fiduciary capacity or being named as the beneficiary of the account of persons other than their family members. FINRA’s complaint also includes allegations that Mr. Orlando advised the client to surrender a variable annuity product, specifically advising that the client needed to do this so he could “assist her with personal financial matters,” and though he had no reasonable grounds to believe such a surrender would be suitable. He also allegedly failed to consider, when recommending the annuity surrender, that it would incur certain charges. Finally, FINRA alleges that Mr. Orlando maintained “two pre-signed forms that were, except for a date and/or contract number, blank and incomplete,” in contravention of firm policies; he also allegedly maintained a variable annuity withdrawal and a request for electronic transfer of funds forms which he had had the customer sign. The complaint remains pending.
If you have lost money investing with Peter Orlando, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.