Investor Lawyers Blog

Five Cetera Broker-Dealers Settle With FINRA for $3.3M Overcharging Mutual Fund Sales Fees to Charitable Organizations and Retirement Plans

Published on: August 23, 2017 | by Shepherd Smith Edwards & Kantas, LLP

In a settlement with the Financial Industry Regulatory Authority, a number of Cetera Financial Group brokerage firms have agreed to collectively pay $3.3M for not properly supervising whether mutual fund sales charge waivers were applied correctly clients at charitable organizations and in retirement plans. The firms that have settled include Cetera Financial Specialists, Cetera Investment […]

Securities Cases: Verto Capital Settles Life Settlement Charges, Couple File Broker Fraud Claim Against NY Life Securities, JCPenny to Settle Texas Class Action Lawsuit for $97.M, & Cetera Admits to Charging Investors More For Mutual Funds

Published on: May 8, 2017 | by Shepherd Smith Edwards & Kantas, LLP

Financial Firm and Its CEO Settle Life Settlement Fraud Charges The US Securities and Exchange Commission announced that Verto Capital Management and its CEO William Schantz III have settled civil charges accusing them of running a Ponzi-like scam involving life settlements. As part of the settlement, Verto Capital and Schantz will pay over $4M. According […]

Voya Financial Advisors, Cetera Advisors, and Six Other Broker-Dealers to Pay $12.5M in Fines and Restitution For Allegedly Not Properly Supervising The Sale of L-Share Variable Annuities

Published on: November 2, 2016 | by Shepherd Smith Edwards & Kantas, LLP

The Financial Industry Regulatory Authority is fining eight brokerage firms $6.2M for not supervising the sale of L-share variable annuities to customers. Five of the firms must pay another $6.3M to customers because the variable annuities that they were purchased were potentially not compatible with the latter’s investment goals and accounts. The firms, […]

Securities News: Citigroup to Pay $7M Over Incomplete Blue Sheet Data, Cetera Fined $75K for Client Record Issue, and Raymond James Settles EB-5 Program Violations for $1.45M

Published on: July 30, 2016 | by Shepherd Smith Edwards & Kantas, LLP

Raymond James to Pay Vermont Almost $1.5M in Immigrant Visa Case The Securities Division of the Vermont Department of Financial Regulation said that Raymond James & Associates (RJF) must pay $1.45M in penalties because one of its registered representaitves allowed investor money to be misused in a$350M development fraud involving the EB-5 program. The program […]

FINRA Fines Voya Financial, J.P. Turner, Cetera, and Other Firms For Not Discounting Big REIT Sales

Published on: October 10, 2015 | by Shepherd Smith Edwards & Kantas, LLP

The Financial Industry Regulatory Authority has fined six independent brokerage firms for not giving clients the proper discounts on big sales of business development companies and real estate investment trusts. According to InvestmentNews, the self-regulatory organization has been scrutinizing whether financial firms are giving the appropriate discounts, also known as breakpoint discounts to clients. When […]

Cetera Shutters J.P. Turner, Claims Move Is Not Part of Broader Firm Consolidation

Published on: July 30, 2015 | by Shepherd Smith Edwards & Kantas, LLP

Cetera Financial Group is shutting down one of its brokerage firms, J.P. Turner & Co., shortly after its purchase. Larry Roth, the independent financial network’s CEO, told InvestmentNews that the move is not part of a broader consolidation involving its different firms. About half of J.P. Turner’s 300 investment advisers have been invited to work […]

RCS Capital Corp to Buy Brokerage Firm J.P. Turner for $27 Million & Cetera Financial for $1.15B

Published on: January 18, 2014 | by Shepherd Smith Edwards & Kantas, LLP

Nicholas Schorsch, the executive chairman of RSC Capital Corp.’s (RCAP) board of directors, has just announced that the brokerage firm is going to buy independent broker-dealer J.P. Turner for $27 million. The news comes one day after RSC announced it was buying brokerage firm Cetera Financial Group for $1.15 billion from Lightyear Capital LLC. To […]

Berthel Fisher, VSR Financial Services, & Cetera Financial Modify the Way They Sell Nontraded REITs and Other Alternative Instruments

Published on: May 24, 2013 | by Shepherd Smith Edwards & Kantas, LLP

Investment News is reporting that in the wake of pressure from regulators, Berthel Fisher & Co. Financial Services Inc., Cetera Financial Group Inc. and VSR Financial Services Inc., are modifying the way they sell specific alternative investments, including nontraded real estate investment trusts, by revising current policy or including no procedures and guidelines. According to […]

Non-Traded REIT Loss Lawyer

Published on: May 1, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Family Seeks Up to $1M in Damages From Cetera Investment Services Over Non-Traded REIT Losses in Cole Capital, Arc Realty Finance Another Cetera Broker Accused of Using Shared Cultural Affinity To Gain Trust of Investors of Chinese Descent More investors of Chinese descent are suing broker-dealer Cetera because of losses they sustained in allegedly unsuitable investments. […]

Texas Misrepresentations and Omissions Lawyers

Published on: April 10, 2024 | by Shepherd Smith Edwards & Kantas, LLP

Shepherd Smith Edwards and Kantas Texas Misrepresentations and Omissions Lawyers Is Investigating Ex-BOK Financial Securities Broker Gihan Fernando Texas Stockbroker, Now With Cetera, Has 27 Customer Complaints On His CRD Record If you suffered investment losses while working with Houston, TX financial advisors Gihan Anil Fernando, Shepherd Smith Edwards and Kantas (investorlawyers.com) want to talk […]