Cetera Advisors, LLC (“Cetera Advisors”) (CRD# 10299) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Cetera Advisors LLC, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you believe you have a claim against Cetera Advisors LLC, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
Can I Sue Cetera Advisors LLC?
If you’ve lost money caused by Cetera Advisors LLC and/or its employees’ misconduct then the answer is, YES, you can sue Cetera Advisors LLC but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Cetera Advisors LLC in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against Cetera Advisors LLC is to call Attorney Pearce at our office at 800-732-2889.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
What is Cetera Advisors LLC?
Cetera Advisors LLC (CRD# 10299) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Cetera Advisors LLC is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Cetera Advisors LLC Has Many Different Regulatory Problems
Cetera Advisors LLC’ rapid growth has not been without consequences. There have been approximately 14 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Cetera Advisors LLC for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Cetera Advisors LLC is a repeat offender: there are over 14 FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Cetera Advisors LLC Has Faced Over the Years*
Cetera Advisors LLC has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Alleged Breach of Private Client Information
Brief Overview: Cetera Advisors allegedly violated the Safeguards Rule (Rule 30(A) of Regulation S-P) by failing to protect personally identifiable information. Between November 2017 and June 2020, unauthorized third parties reportedly gained access to email accounts belonging to over 60 personnel across various Cetera entities. This breach resulted in the exposure of sensitive customer information. Cetera consented to a $300,000 fine in response to the alleged incident.
Lack of Supervision Allegations
Brief Overview: Cetera faced allegations of inadequate supervision concerning outside securities transactions conducted by dually registered representatives associated with external advisory firms. According to FINRA, the firm lacked the necessary information to conduct suitability reviews, which assess whether transactions align with customers’ financial goals and risk tolerance. As a consequence, Cetera consented to pay a $175,000 fine.
SEC Complaint: Mutual Fund Fees
Brief Overview: The Securities and Exchange Commission (SEC) filed a complaint on April 29, 2020, accusing Cetera Advisors and Cetera Advisor Networks of prioritizing their financial interests over those of their clients. Brokers at the firms allegedly recommended more expensive mutual fund investments, despite the availability of lower-cost alternatives. Additionally, the complaint alleged that Cetera received undisclosed third-party broker-dealer compensation in exchange for promoting specific mutual funds.
Mutual Fund Fee Repayment
Brief Overview: Cetera agreed to a fine on May 3, 2017, following allegations that the firm failed to inform customers about available discounts for mutual funds. Specifically, the firm was censured and required to provide restitution of at least $628,040 to customers. Such restitution aimed to address the potential impact of not offering discounts on Class A shares of mutual funds when investors purchased shares from the same fund family.
*Above are only some of the regulatory disciplinary actions filed against Cetera Advisors by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 12 BrokerCheck disclosures.
Cetera Advisors Customer Complaints
There have been scores of customer complaints filed against Cetera Advisors stockbrokers and investment advisors over the years. We have launched many investigations of current and former Cetera Advisors advisors:
- Robert Wolfe of Goldman Sachs & Co. LLC
- Jeffrey Christenson of Cetera Advisors, LLC
- David Rockwell of Cetera Advisor Networks LLC
- Jess Hurst of Cetera Advisors LLC
- Billy Martin of Cetera Advisors LLC
- Scott Kaup of Cetera Advisor Networks
- Patricia Gleason of Cetera Advisors
- Clara Tang of Cetera Investment Services, LLC
- Isaac Chan of Cetera Investment Services LLC
- George Ly of LPL Financial LLC
- Diana Plucienkowski of Cetera Advisor Networks
- Dennis Reeve of Cetera Investment Services LLC
- Daniel McPherson of Cetera Advisors, LLC
- Dan Vismor of David Lerner Associates, Inc
- Anthony Fazio of Cetera Advisors LLC
- Robert Berg of Cetera Advisor Networks LLC
- Kathleen Almulla of Cetera Advisor Networks
- Barry Debany of Cetera Advisor Networks LLC
- Brandon Williams of LPL Financial LLC
- Brian Megley of Cetera Advisors LLC
- H. Brock Seibold of LPL Financial
- Robert Silverman Formerly With Cetera Financial Specialists
- Brian Shey of Green Vista Capital
- James Stottlemyre formerly with LPL Financial
- Mengxuan Zhang Formerly With Cetera Investment Services
- George Merhoff of Cetera Advisors
- Nina Jessee of Cetera Advisors, LLC
- Francisco Leon of Cetera Investment Services LLC
- Ken Balser of Cetera Advisors, LLC
- Mark Barrand of Ameriprise Financial Services, LLC
- Joshua Beitel of Cambridge Investment Research
- Nicholas Doyle of Cetera Investment Services
- Shawn Everett of Cetera Advisor Networks
- Harry Hewes of Cetera Investment Services
- Rebecca Kettner of Cetera Investment Services
- Jason Mikeska of Raymond James Financial Services
- Teena Milldebrandt of Cetera Advisor Networks
- Russell Nieland formerly with Cetera Advisor Networks
- Robert Rogers of Cetera Advisor Networks
- Charles Valenzuela Of Cetera Advisor Networks
- Peter Stefanic of Cetera Advisors
- David Waters of Cetera Advisors
- Sandra White of Goldman Sachs & Co.
- James Anderson of Cetera Advisor Networks
- James Bakun formerly with Cetera Advisors
- Brent Blaus of Cetera Investment Services
- Phillip Bracey of Cetera Advisor Networks
- John Broughton of Citizens Securities
- Gary Meagher of LPL Financial
- Kerry Farley of Cetera Investment Advisers
- James Gibson of Cetera Advisors
- Michael David of Cetera Advisor Networks
- Richard Klimpt of Cetera Investment Services
- Stuart Haw of Cetera Advisors
- Kimberley Holweger of Cetera Investment Services
- Kirk Knollman formerly with Cetera Advisor Networks
- Richard Laskin of Cetera Advisors
- Jimmy Maldonado of LPL Financial
- Melinda Olbert of Cetera Advisors
- Mark Senofonte of Cetera Investment Services
- Michael Schwartz of Cetera Advisor Networks
- James Story of Cetera Advisor Networks
- Leah Brooks of Securities America
- Albert Campbell of Cetera Advisor Networks
- Nathan Cedarleaf of Cetera Investment Services
- Ivan Cen of Cetera Investment Services
- Bo Li of Cetera Advisors LLC
- Callen Bryan of Cetera Advisor Networks LLC
- Charles Krsek formerly with Cetera Advisors LLC
- Daniel Luna of Wells Fargo Clearing Services, LLC
- Daniel Kew of Cetera Investment Services LLC
- Darin Arnell of Cetera Advisor Networks LLC
- Erik Larsen of Cetera Investment Services LLC
- Frank Parker of Cetera Advisor Networks LLC
- Haiguang Yin of Cetera Investment Services LLC
- Hillary Wertlieb of American Portfolios Financial Services, Inc.
- Howard Hsieh of Cetera Investment Services LLC
- James Franklin Of Cetera Advisor Networks LLC
- Jared Stines formerly with Cetera Investment Services LLC
- Jason Comes Cetera Advisor Networks LLC
- James McKinney, formerly with Cetera Advisors LLC
- Jeffrey Meyers of Cetera Investment Advisers LLC
- Jerry Gintz of Cetera Advisors LLC
- Jonathan Bever of Cetera Advisor Networks LLC
- Kevin McCoy, II of Cetera Investment Services LLC
- Kurt Chase of Cetera Investment Services LLC
- Larry Kettle, Jr. of Cetera Advisor Networks LLC
- Kevin Fles of Cetera Advisors LLC
- Linda Liu of Cetera Investment Services LLC?
- Mark Haenny LPL Financial LLC
- Who is Mark Militello of Independent Financial Group, LLC
- Martin Berman of Cetera Advisors LLC
- Matthew Metzger of Cetera Advisor Networks LLC
- Meng Ma formerly with Citigroup Global Markets Inc.
- Michael Bell of Cetera Advisor Networks LLC
- Nathan Sampler, Sr. formerly with Cetera Advisor Networks LLC
- Paige Matlock formerly with Cetera Investment Services LLC
- Peter Rhee of Cetera Investment Advisers LLC
- Quinn Vitelli formerly with BB&T Investment Services, Inc.
- Ronald Metcalf, Jr. of Cetera Advisor Networks LLC
- Ronald Goldberg of Cetera Financial Specialists LLC
- Ryan Malloch of Cetera Advisors LLC
- Sandy Dorson of Cetera Advisor Networks LLC
- Scott Barber of Securities America, Inc.
- Sheldon Bender formerly with Cetera Financial Specialists LLC
- Shuhong Rong formerly with Cetera Investment Services LLC
- Stephen Lawler of Cetera Advisors LLC
- Wayne Smith of Cetera Advisors LLC
- Todd Anderson formerly with Formerly With Benchmark Investments, LLC
- Victor Aponte-Echevarria of Cetera Advisor Networks LLC
- Blake Bolden of Cetera Investment Services LLC
- David Casparian of LPL Financial LLC
- Austin Fox formerly with Cetera Investment Services LLC
- Mark Davis II of The Huntington Investment Company
- Adam Marquardt formerly with Cetera Advisors LLC
- John Massa formerly with Cetera Investment Services LLC
- Clarence Patton, Jr. formerly with Alexander Capital, L.P.
- Robert Burns of Cetera Advisor Networks LLC
- Rami Sassoon of Cetera Advisors LLC
- Michael Shonsey of Brokers International Financial Services, LLC
- Yin Zhong of NI Advisors
- William O’Brien Of Cetera Advisors LLC
- Scott Oliphant of Cetera Advisors LLC
- Edward Rosenblatt of Cetera Advisor Networks LLC
- John Strickler of Cetera Investment Services LLC
- Spencer Warn of Cetera Investment Services LLC
- Tim Weinberg of Cetera Advisor Networks LLC
- Nathan Wells of Cetera Advisor Networks LLC
- Edward Barfield of Geneos Wealth Management, Inc.
- Gina Francisco of LPL Financial LLC
- Colin Kelty of Cetera Investment Services LLC
- Randall Mason of Cetera Advisors LLC
- Kevin Adam of Cetera Advisors LLC
- Bradley Behrendt of Cetera Advisor Networks LLC
- Andrew Pandis of Cetera Investment Services LLC
- Mai Nguyen of Cetera Advisor Networks LLC
- Andrew Lofton of Cetera Investment Services LLC
- Trey Toifel of Cetera Investment Services LLC
- Holland of Cetera Advisor Networks LLC
- Patrick Groarke of Cetera Advisor Networks LLC
- Joseph Allen formerly with Cetera Advisor Networks LLC
- Chad Anderson of Cetera Advisors LLC
- Xiangyu Zhang formerly with Wells Fargo Clearing Services, LLC
- Dave Hutchison of Cetera Advisors LLC
- Derek McLean of Cetera Advisors LLC
- Casey Walker of Cetera Advisor Networks LL
- Rick Harbus of Cetera Advisor Networks LLC
- Joseph Hobbs of Cetera Investment Networks LLC
- Peter Pace of Cetera Advisor Networks LLC
- Matthew Stucke of Cetera Advisor Networks LLC
- Brion Harris of Cetera Advisor Networks LLC
- Eugene Jordan of Cetera Advisor Networks LLC
- Juan Rascon of Cetera Investment Services LLC
- Xuemei Qian of Cetera Investment Services LLC
- Michael Breard of Cetera Advisor Networks LLC Reviews
- Bradley Bergdahl of Cetera Advisor Networks LLC Reviews
- William Loberg of Cetera Advisor Networks LLC Reviews
- Sacha Mackels of Cetera Advisor Networks LLC Reviews
- Lawrence Storey Formerly With Cetera Investment Services LLC Reviews
- Rory Pinsky of Cetera Investment Services LLC Reviews
- Mitchell Bornstein formerly with Cetera Investment Services LLC Reviews
- Nicholas Doyle Of Cetera Investment Services Reviews
- Thomas Brennan, III Of Cetera Advisor Networks LLC Reviews
- Mei Guo Of Cetera Investment Services LLC Reviews
- Rebecca Ng-Tsang Formerly With Cetera Investment Services LLC Reviews
- Andrew Nguyen Of Cetera Investment Services LLC Reviews
- Jesse Raines Of Cetera Advisor Networks LLC Reviews
- Norman Robbins Of Ameriprise Financial Services, LLC Reviews
- Eric Wishan of Cetera Advisor Networks LLC Reviews
- Qiadong Zhao Of Cetera Investment Services LLC Reviews
- John Chiappetta of Cetera Investment Networks LLC Reviews
- Patrick Francisco of Cetera Advisor Networks LLC Reviews
- Gihan Fernando of Cetera Investment Services LLC Reviews
- Richard Brown of Cetera Advisor Networks LLC Reviews
- George Eggers III of Cetera Advisor Networks LLC Reviews
- Craig Emerson of Cetera Advisor Networks LLC Reviews
If you have lost money investing with any of these Cetera Advisors advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.
Why Does Cetera Advisors LLC Have So Many Regulatory Problems And Customer Complaints?
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.
These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.
Did Cetera Advisors Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Cetera Advisors LLC is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Cetera Advisors LLC without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By Cetera Advisors LLC Today!
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Cetera Advisors LLC cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.