Customers Accuse Ex-Cetera Broker Robert Wolfe of Unsuitability and Omissions
Fort Lauderdale, Florida Financial Advisor is Named in Six-Figure Customer Dispute
Robert Brian Wolfe, who was a Goldman Sachs broker from July 2020 to October 2021, was recently dismissed by the broker-dealer. His firing came following allegations related to client communications involving market valuations and portfolio performance, as well as his handling of customer grievances without the firm’s knowledge or approval.
A longtime financial advisor of 21 years in Fort Lauderdale and Miami, Wolfe has been named in five customer disputes. According to sources, all of the claims that have been brought as of November 2021 are from his time as a Cetera Advisors Network broker from 2017 to 2020.
Our Florida securities fraud lawyers are speaking to former customers of financial advisor, Robert Wolfe, who suffered significant investment losses. In Florida, contact Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) at (813) 560-2992 and also, throughout the US at (800) 259-9010.
Broker Robert Wolfe Accused of Broker Misconduct and Fraud
According to his BrokerCheck record, five of the customer disputes naming Robert Wolfe were brought between 2020 and 2021:
This Financial Industry Regulatory Authority (FINRA) arbitration claim was filed against Cetera Advisors Network where Wolfe was registered at the time of the alleged misconduct.
The claimant is accusing the Fort Lauderdale broker of making unsuitable investment recommendations and not fully disclosing the risks involved. The investments at issue appear to have included real estate securities, variable annuities, fixed annuities, and direct investments.
The customer, who is accusing Cetera of not conducting proper due diligence on products that its financial advisors sold and failing to properly supervise Wolfe, is requesting $100K in damages.
This customer is also accusing Wolfe of making unsuitable investment recommendations and not disclosing information about the investments. Again, this claim appears to be from his time as a Cetera broker.
This investor accused Wolfe of unsuitability and omissions. Their request for $51,526.03 in damages was denied.
The FINRA arbitration dispute was settled, reportedly with Cetera, for $170K. The customer had accused Robert Wolfe of making unsuitable recommendations and omissions about the risks of certain investments. The firm was accused of supervisory and due diligence failures related to the sale of private placements and real estate securities.
Another dispute filed in August 2020 was settled for $140K with Cetera Advisors. This customer made similar allegations as the other clients who have filed FINRA arbitration claims involving Wolfe.
Other financial firms where Robert Wolfe used to be a Florida broker and/or investment advisor include:
- Merced Allied Company
- Girard Securities
- Goldman Sachs Personal Financial Management
- Capital Planning Group
- MML Investors Services
- Edward D. Jones
- Advest, Inc.
Brokerage Firms And Their Failure to Supervise
FINRA requires that brokerage firms supervise their brokers’ activities. They can be held liable for losses sustained by customers because of their registered representatives’ misconduct or negligence.
In December 2020, Cetera Financial Group agreed to pay $1M to settle FINRA charges accusing the independent broker-dealer and three of its affiliates—Cetera Advisors Network, Cetera Financial Specialists, and Cetera Advisors—of failure to supervise.
The firm was found to have failed to supervise certain private securities transactions made by dually registered representatives who worked with outside registered investment advisors. The self-regulatory organization (SRO) contends that Cetera knew there were supervisory deficiencies as far back as at least 2013 when the SEC identified them.
However, FINRA said that despite making attempts to solve these problems, the broker-dealer had not been successful in implementing systems and procedures that could reasonably supervise the transactions at issue.
Knowledgeable Florida Securities Law Firm
To request your free case consultation with our Fort Lauderdale broker misconduct attorneys or Miami financial advisor negligence lawyers, contact SSEK Law Firm today at (813) 560-2992 or by using our online contact form.