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WARNING! Impending Investigation: MICHAEL B. PETERSEN and ACADIA CAPITAL PARTNERS LLC

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28
Sep

WARNING! Impending Investigation: MICHAEL B. PETERSEN and ACADIA CAPITAL PARTNERS LLC

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WARNING!  Impending Investigation:  MICHAEL B. PETERSEN and ACADIA CAPITAL PARTNERS LLC

Michael B. Petersen and Acadia Capital Partners LLC

Have you lost money with financial advisor Michael B. Petersen?  We are investigating allegations made by the Utah Division of Securities against Michael Petersen, who previously worked as a financial advisor and investment advisor in Midvale, Utah.  The Utah Division of Securities alleged that Michael Petersen engage in unauthorized trading in his customers’ accounts by trading in their accounts without prior written authority.  The Division alleged that in a span between February 2010 and September 2013, 184 out of 217 transactions were made without proper, documented client consent.  Petersen was alleged to have transacted with inverse ETFs and other securities.

The Utah Division of Securities also alleged that Petersen, who acted as an investment advisor through his company Acadia Capital Advisors LLC, failed to properly document client files, trading records, and marketing materials.  The Division further alleged that Petersen put out misleading advertisements in the Salt Lake Tribune regarding investor returns.  The Division seeks to bar Petersen from the securities industry and fine him $10,000.

Michael Brent Petersen was a financial advisor and registered representative of Colony Park Financial Services from March 2007 to August 2013.  He was also a licensed investment advisor through Acadia Capital Partners.  He worked out of offices in Midvale, Utah.

Brokerage firms like Colony Park Financial Servies have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area.  We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in the Salt Lake City area.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.

 

If you lost money with Michael Petersen or Acadia Capital Advisors, please Contact Us at 720-599-3505 for a free evaluation of your case.

 

Click to view:  Petersen UT Comp

Click to view:  Petersen BrokerCheck 9.28.15

 

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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