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Peter Girgis of SW Financial: Over $2.8M in Investor Complaints 

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Updated on: March 10, 2023

Investment Losses With Peter Girgis? KlaymanToskes Has Recovery Options

National investment fraud lawyers KlaymanToskes is investigating Peter N. Girgis (CRD# 4520444) following the filing of three pending investor complaints alleging over $2.8 million in collective damages due to unsuitable investment recommendations and excessive trading. The NYC-based stockbroker was previously registered with SW Financial and has eleven additional public disclosures, including four regulatory actions and four settled customer complaints.

If you suffered investment losses with Peter N. Girgis while he was affiliated with SW Financial, you are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

Peter N. Girgis of SW Financial: 9 Investor Complaints Filed

According to FINRA Brokercheck, Peter N. Girgis has 14 public disclosures including 9 investor complaints and 4 regulatory actions. 4 out of 9 customer complaints have been settled in favor of the investors in the collective amount of $154,998. Three complaints are pending for $2,852,239 and the remaining two complaints were closed.

An additional disclosure on Gigis’ BrokerCheck profile discloses that he was discharged from Joseph Gunnar & Co. in 2013 due to violating conditions of his FINRA suspension, described in the “regulatory actions” section below.

  1. Investor alleges excessive trading, excessive commissions, unsuitable trading, and misrepresentation. 

(Pending – Alleged Damages $1,057,195)

  1. Investor alleges unsuitable investments, churning, failure to supervise, and negligence.

(Pending – Alleged Damages $510,152.82)

  1. Investor alleges churning, excessive commissions, unauthorized trading, unsuitability, negligence, breach of contract, and fraud. 

(Pending – Alleged Damages $1,284,892.10)

  1. Investor alleged churning and excessive commissions.

  (Settled in favor of the investor for $4,999)

  1. Investor alleged misappropriation of funds, unauthorized transactions, misrepresentations, recklessness, negligence, breach of contract, and unsuitability. 

(Settled in favor of the investor for $65,000)

  1. Investor alleged fraudulent and negligent acts, breach of contractual requirements, churning, unsuitability, and negligent misrepresentation. 

(Settled in favor of the investor for $9,999)

  1. Investor alleged that Peter Girgis had faxed him a monthly statement indicating his ownership of an additional, higher-valued account. When the client produced a copy of the faxed statement to Joseph Gunnar & Co., the firm observed that it had been clearly altered in that the client’s name, address and account number were cut and pasted over another existing Joseph Gunnar & Co. customer’s identifying account information.
  2. Investor alleged excessive and unauthorized trading, fraud, breach of fiduciary duty, misrepresentation and unsuitability.

(Settled in favor of the investor for $75,000)

  1. Investor alleged unauthorized trading.

Four Regulatory Actions Against Peter N. Girgis

  1. Initiated by the state of Illinois: Permanent bar in all capacities in the State of Illinois starting 6/6/2022 relating to violations of Section 8.E(1)(j) of the Illinois Securities Law of 1953.
  1. Initiated by FINRA: A settlement known as an Acceptance, Waiver, and Consent was issued on 12/1/2021 relating to findings that Girgis recommended high frequency trading in customers’ accounts with each customer often holding concentrated positions in one or two securities for short periods of time. Girgis’s trading of the customers’ accounts resulted in high turnover rates and cost-to-equity ratios as well as significant losses. As a result of Girgis’s excessive trading, the customers suffered collective realized losses of $224,573, while paying total trading costs of $199,622, including commissions of $181,877.

(Nine Month Suspension, Ordered to pay $169,667 in Restitution, $7,500 in Penalties)

  1. Initiated by FINRA: An Acceptance, Waiver, and Consent was issued on 10/23/2014 relating to findings that Girgis sent nonpublic personal information about a customer to an unauthorized individual, which caused a violation of regulation S-P of the Securities Exchange Act of 1934 on the part of his member firm. The findings state that Girgis knew, at the time he provided the account statement, that he was not permitted to do so. Girgis did not provide the customer with a reasonable opportunity to opt out of the disclosure to the other customer. 

(45 Day Suspension, $5,000 Fine/Penalty)

  1. Initiated by FINRA: An Acceptance, Waiver, and Consent was issued on 4/24/2013 relating to FINRA rules 1122 and 2010. Girgis failed to disclose, and in some instances to timely disclose on his uniform application for securities industry registration or transfer (Form U4) four unsatisfied judgments and/or liens. 

(3 Month Suspension, $5,000 Fine/Penalty)

How Can Investors Recover Their Losses?

KlaymanToskes believes FINRA arbitration is typically the best course of action for investors that suffered significant losses at their full-service brokerage firms. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding, allowing investors to maintain greater flexibility over their case.

Former customers of Peter N. Girgis who have experienced significant investment losses are encouraged to contact securities attorney Lawrence L. Klayman, Esq. at 1-888-997-9956 or lklayman@klaymantoskes.com for a free and confidential consultation. Our firm offers legal services on a contingency fee basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

What is Excessive Trading or “Churning”?

When brokerage firms and their brokers/financial advisors excessively trade or “churn” a brokerage account, they are violating securities rules and regulations. In a FINRA arbitration claim for excessive trading or “churning” in a brokerage account, investors may allege a breach of fiduciary duty and conflict of interest for recommended investment strategies whose sole purpose is to enrich the brokerage firm and/or its financial advisor through excessive commissions, fees or costs.

Investors may bring FINRA arbitration claims to recover their losses as a result of excessive trading or churning. To be successful, investors must prove two things to a FINRA arbitration panel:

  1. The financial advisor controlled or solicited the account activity, and
  2. The account activity was excessive based on the investor’s risk tolerance and investment objectives.

KlaymanToskes can help you determine if you should bring a FINRA arbitration claim against your brokerage firm and/or financial advisor. Contact attorney  Lawrence L. Klayman, Esq., at (888) 997-9956 or  lklayman@klaymantoskes.com for a free consultation. 

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

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KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com

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