Cetera Financial Specialists and Cetera Advisors Settle with FINRA Regarding More Supervisory Failures
We are currently investigating allegations made against Cetera Financial Specialists, LLC, a Schaumburg, Illinois-based securities brokerage firm and Cetera Advisors, based out of Denver, Colorado. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Cetera Financial Specialists, Cetera Advisors, and Cetera Advisor Networks, making allegations that it failed to supervise outside business activities of its representatives, including those acting as registered investment advisers (RIAs). FINRA found that these supervisory deficiencies were identified in SEC examinations in July 2013, August 2015, and September 2017, yet the companies failed to address them adequately.
To settle these allegations, Cetera Financial Specialists, Cetera Advisors, and Cetera Advisor Networks agreed to pay a combined fine of $1 million, and the firms were required to provide a certification regarding activities of their dually-registered RIAs.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Cetera Advisors.