Articles Posted in Cetera

Cetera Investment Services Broker Chang Vung Named in Six-Figure Non-Traded REIT Claim

A self-employed New York investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Cetera Investment Services and its broker Chang Jen Vung. The claimant sustained losses in non-traded real estate investment trusts. 

The claimant is pursuing up to $500K in damages and contends that Vung used their shared cultural affinity when recommending that he concentrate his portfolio on high commission, illiquid products. These products included Healthcare Trust Inc., Griffin Realty Trust, and Northstar Healthcare Income

Several East West Bank Customers Worked With Cetera Broker Linda Fang

Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is continuing to investigate claims of losses involving East West Bank customers who invested in Northstar Financial Services (Bermuda) products. 

East West Bank had signed a partnership agreement with Cetera Investment Services, LLC. The latter would offer “wealth management solutions and support” to the bank’s clients at several branches. East West Bancorp owns East West Bank. It was founded in Los Angeles in 1973 to cater to the Chinese American community in Southern California. It has branches in several U.S. states and China. 

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.  

Hospitality Investors Trust Was One of the REITs Marketed

Cetera Advisors Network broker Jeffrey Gerard Meyers, an Overland Park, Kansas financial advisor, is named in two pending customer disputes. 

The claimants are accusing him of making unsuitable investment recommendations involving non-liquid real estate investment trusts (REIT). One of the products was Hospitality Investors Trust (HIT REIT), which declared bankruptcy after the COVID-19 pandemic began. 

Customer’s FINRA Arbitration Hearing Seeking Up to $500K Will Take Place in Los Angeles

Our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have filed a FINRA arbitration claim against Cetera Investment Services. A very elderly Chinese widow who entrusted the firm to keep her money safe suffered considerable losses in PB Investment Holdings.

The claimant, who is from Shanghai, is requesting up to $500K in damages for the losses she sustained in PB Investment Holdings (formerly Beechwood), a now failed off-shore entity owned by imprisoned billionaire Greg Lindberg.

Retiree Suffers Significant Losses in PB Investment Holdings on Recommendation of Cetera Financial Advisor 

A Chinese national has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim over losses she suffered after a Cetera Investment Services advisor unsuitably recommended and sold a PB Investment Holdings annuity to her. 

The Bermuda-based off-shore investment (affiliated with Northstar Bermuda) was touted as safe and low risk. That entity is in liquidation and has caused this claimant, who is a retiree, significant losses. She is now seeking six figures in damages from Cetera Financial.

Ex-Fort Meyers, Florida Financial Advisor Misappropriated $1.02M From Investors 

A former Cetera Advisors Network registered representative, David Aaron Rockwell, has been sentenced to 63 months in federal prison for multiple counts of bank fraud and wire fraud. According to the US Justice Department, Rockwell defrauded investors of over $1.02M and used their money to pay his credit card debt and purchase a house. 

Court documents state that while overseeing retirement and investment clients for customers, Rockwell began to take investors’ funds in 2017. He allegedly defrauded a federally insured bank by applying for $700K in credit lines under a client’s name without that person’s knowledge or consent. Rockwell is also accused of convincing another client to invest $400K in low-income housing and instead, using the money to cover his debt and buy the home. 

Denver Financial Advisor Mark Barrand Named in Pending Customer Disputes 

Mark Allen Barrand, an Ameriprise Financial broker based in Denver, has nine customer claims on his BrokerCheck record. The most recent one, brought in February 2021, was from his time as a Cetera Advisors registered representative. 

Barrand has worked 14 years in the industry, and he is also an investment adviser. Other firms where he used to be registered include Legacy Advisor Services and Legacy Financial Services.

Fired Cetera Advisors Broker Accused Of Unauthorized Securities Sales

Our stockbroker fraud attorneys are speaking to former clients of former Cetera Advisors LLC broker, Roger Lee Owens that sustained substantial investment losses while working with him. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today to schedule your free, no-obligation case consultation. 

Cetera Advisors fired Roger Owens last year for allegedly taking part in unapproved private securities transactions. A few months later, the Financial Industry Regulatory Authority (FINRA) suspended Owens for a year, through August 2020, for the same reasons. 

Former LifeMark Securities Broker Gets Banned By FINRA 

If you are an investor who suffered losses while Stephen Carver handled your investments and wish to file an investor claim, our broker misconduct attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) want to talk to you. 

Carver, who most recently was a LifeMark Securities broker and before that a Cetera Advisors financial representative — Cetera and LifeMark both fired him — was just barred by the Financial Industry Regulatory Authority (FINRA). 

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