Principal Securities Terminates Stockbroker For Cause
John Patrick Priebe of Waseca Minnesota a stockbroker formerly associated with Principal Securities Inc. has been discharged on October 28, 2019 supported by concerns that Priebe had engaged in bad sales practices relating to mutual fund and variable annuity products and that Priebe failed to provide information to Principal Securities regarding his involvement in those transactions.
Priebe has been identified in three customer initiated investment related disputes concerning accusations of his misconduct when he was employed by Princor Financial Services Corporation (Principal Securities). Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer filed an investment related complaint in reference to Priebe’s activities where the customer sought unspecified damages based upon accusations that the customer was placed into bad mutual funds and insurance products by Priebe during the time that he was associated with Princor. The claim also alleges that the stockbroker’s activities failed to be supervised by Princor.
Another customer filed an investment related complaint involving Priebe’s conduct in which the customer requested compensatory damages based upon allegations of the customer being inappropriately advised by the stockbroker to place individual retirement account assets into an annuity at Princor. Priebe is also the subject of a customer initiated investment related arbitration claim which was settled for $125,000.00 in damages based upon allegations that the customer’s account had suffered from poor investment recommendations by Priebe as it pertained to options, mutual funds and equities that had been sold to the customer. FINRA Arbitration No. 17-01531 (July 9, 2019). The claim alleges that the customer’s investment portfolio had been inappropriately invested by the stockbroker when he was registered with Principal Securities.