SCF Securities Sued By Investors For Fraud

Murray Todd Petersen (also known as M. Todd Petersen) of Roseville California a stockbroker formerly employed by SCF Securities Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $960,000.00 in damages founded upon accusations of the breach of fiduciary duty and fraud as it pertained to an outside business activity undertaken by Petersen while registered with SCF Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01962 (June 29, 2020).

Petersen has been identified in nine additional customer initiated investment related disputes concerning allegations of his bad sales tactics while employed by securities broker dealers including SCF Securities, Financial Network Investment Corporation and Commonwealth Financial Network. FINRA Public Disclosure reveals that a customer filed an investment related complaint in regard to Petersen’s conduct in which the customer sought $10,000.00 in damages supported by accusations of unauthorized trading of mutual funds by Petersen at Financial Network Investment Corporation.

Another customer filed an investment related complaint involving Petersen’s conduct where the customer requested $12,000.00 in damages based upon allegations that advisory fees were concealed from the Commonwealth Financial Network customer. On February 4, 2020, a customer filed an investment related civil action concerning Petersen’s conduct in which the customer sought unspecified damages founded upon accusations of sales practice violations by Petersen while employed by SCF Securities. Civil Action No. 34-2019-00267963-CU-FR-GDS.

Petersen is referenced in a customer initiated investment related arbitration claim which was settled for $52,920.00 in damages supported by allegations of breach of fiduciary duty and fraud relating to the sale of diamonds through Petersen’s outside business activities. FINRA Arbitration No. 20-00788 (Aug. 31, 2020).

Petersen is also the subject of a customer initiated investment related arbitration claim where the customer requested $55,000.00 in damages based upon accusations of the customer having been defrauded through the stockbroker’s activities. FINRA Arbitration No. 20-00909 (Mar. 18, 2020). The claim indicates that Petersen violated a fiduciary duty that was owed to the customer. Another customer initiated investment related arbitration claim pertaining to Petersen’s conduct was settled for $46,305.00 in damages founded upon allegations of breach of fiduciary duty and fraud on Petersen’s part. FINRA Arbitration No. 20-00788 (Aug. 31, 2020).

On August 31, 2020, a customer initiated investment related arbitration claim involving Petersen’s activities was settled for $9,800.00 in damages supported by accusations of a fraudulent diamond purchase scheme executed by Petersen which caused the SCF Securities customer to experience losses. FINRA Arbitration No. 20-00788. An additional customer initiated investment related arbitration claim concerning Petersen’s conduct was settled for $49,000.00 in damages based upon allegations of Petersen causing the customer’s losses from activities that occurred while he was associated with SCF Securities. FINRA Arbitration No. 20-00553 (Sept. 1, 2020).

Petersen has been discharged by SCF Securities founded upon accusations of Petersen failing to be forthcoming with the securities broker dealer regarding his outside business activities. Petersen was registered with Ameriprise Financial Services between December 12, 2019 and June 4, 2020.