Jeff Graves Investigation
March 2023- Addison, TX
According to publicly available records Jeffrey Scott Graves, a broker currently employed by Cetera Advisors Networks Inc., discloses a regulatory event.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 11/2022, FINRA alleged that while employed by FFEC Wealth Partners, Graves failed to supervise margin use in customer accounts. The findings stated that Graves was the branch office manager at his member firm supervising a registered representative who recommended margin in certain customer accounts. Despite the margin use in certain customer accounts, Graves failed to take reasonable steps to assess whether the margin use was suitable. Graves did not track or review the amount of margin trading in the customers’ accounts, failed to contact the customers about the margin use in their respective accounts. As a result of Grave’s failure to reasonably supervise for unsuitable margin use, the customers paid a total of $100,109 in margin interest and commissions and fees charged on margin trades. The findings also included that Graves reasonably supervise mutual fund switches in customer accounts. As a result, the customers paid $12,563 in costs and fees associated with the switches. Sanctions were a 15 business day suspension and a $5,000 fine paid by Graves individually.
Graves has been with Cetera Advisors Networks since 4/2022. Before that time he was with First Financial Equity Corporation from 2/2006 until 10/2022.
If you have suffered losses in an account handled by Jeff Graves contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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