INVESTORS: Cetera Advisors broker Anthony Joseph named in customer disputes alleging unsuitable investment recommendations and negligence.
Peter Kyung Hoon Rhee (CRD: 2326728) is registered as a broker and investment adviser with Cetera Advisors, where he’s been employed since 2020. Rhee was previously registered as a broker with First Allied Securities from 2015 until 2022.
Rhee has three disclosures on his BrokerCheck report.
July 2022 Customer Dispute
Allegations: Client Attorney alleges unsuitable investment, breach of diduciary duty. Negligence and negligent supervision
Damage Amount Requested: $50,000.00
May 2022 Customer Dispute
Allegations: Claimant alleges financial adviser recommended unsuitable investments. Claimant further alleges causes of action of suitability, breach of contract, misrepresentation, failure to supervise, and breach of contract.
Damage Amount Requested: $300,000.00
Broker Comment: I vehemently deny the allegations in the Statement of Claim. The investment(s) I recommended to this client were suitable and entirely consistent with the client’s articulated investment objectives, risk tolerance and time horizon. Furthermore, all risks associated with the disputed investment(s) were meticulously discussed and disclosed to the client prior to the point of sale. I believe the Statement of Claim is opportunistic in that the investment(s) did not perform as expected. Notably, the client takes issue with only the investments that did not perform well. Moreover, I am not named as a respondent in this arbitration.
November 2020 Customer Dispute
Allegations: Unsuitable investment of alternative products
Damage Amount Requested: $420,887.00
Settlement Amount: $30,000.00
Broker Comment: I firmly deny these baseless allegations. All investments I recommended to this client were suitable at the time of recommendation and consistent with the client’s risk tolerance and investment objectives. While it is unfortunate that one investment out of her overall portfolio may not have performed as we expected, the client understood the risks of her investments and all facts at that time related to the particular investment met client suitability requirements. As a result of wide diversification and active management, the impact of the loss in that particular investment did not affect her overall portfolio objective of moderate growth & income and continued to stay within the portfolio’s defined risk to reward profile. Furthermore, I am not legally named as a defendant in the arbitration case. Client is seeking a an unlikely reward only from a broker/dealer which I am not currently affiliated with. My current Broker/Dealer First Allied Securities is not listed as a defendant in this case.
The Sonn Law Group is currently investigating allegations surrounding Peter Kyung Hoon Rhee. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.