Broker Fraud Attorneys

69 Investor Lawsuits Filed By Former Customers of Ex-BOK Financial Securities Broker Gihan Fernando. Our Broker Fraud Attorneys Continue To Investigate Further Loss Claims

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys (investorlawyers.com) is offering free, no-obligation case consultations to customers who have suffered serious portfolio losses while working with former Bok Financial Securities stockbroker Gihan Anil Fernando. The Texas financial advisor is now a registered representative with Cetera Investment Services.

Fernando, who has worked 23 years in the industry, is also known as Gihan Raphael Fernando or Raphael Fernando. According to his CRD, at least 69 customer complaints have been filed by his former customers who sought to recoup their losses.

Except for one of the cases listed that was closed due to lack of action, the rest appear to have resulted in settlements with BOK Financial. More investment loss recovery claims are likely, which is why we are continuing to investigate.

The majority of the investor lawsuits seemed to involve losses sustained in non-traded real estate investment trusts (Non-traded REITs) that Fernando marketed and sold to Bok Financial customers. He contends that he did not engage in any wrongdoing.

In July 2024, Gihan Fernando consented to an order by the Texas State Securities Board (SSB), which found that he recommended real estate investment trusts without fully understanding the product. The sanctions included a letter of reprimand.

Fernando contends that it was his former firm, BOK Financial Securities, that conducted the required due diligence into the alternative investments at issue. He claims that it was his broker-dealer that directed him to sell customers the products, which it had approved. He states in his CRD that the firm then decided to buy back the investments after COVID-19 hit.

Regardless, if you were an investor to whom Gihan Fernando or any other broker misrepresented the risks or made an unsuitable recommendation to you—and you ended up suffering serious losses—you may be entitled to financial recovery from the registered representative or the broker-dealer.

Non-traded real estate investment trusts and real estate investment trusts are risky investments, and they are not for every investor, even in the best of times. Yet they remain attractive to brokerage firms that end up getting paid high commissions and fees for marketing and selling them to customers.

Brokers are required to understand the nature of any investment that they recommend and what the risks might be. They also must ensure suitability before marketing any product or investing strategy to a customer.

Shepherd Smith Edwards and Kantas Broker Fraud Attorneys have been fighting for investors in Texas and all over the US for over 30 years. More than 90% of our clients have received full or partial financial recovery.

Contact Our Non-Traded REIT Loss Law Firm

Call our Broker Fraud Attorneys at (800) 259-9010 or fill out this form.