Category Archives: Cetera Financial Group

Cetera Advisors, Cetera Financial Group, Failure to Supervise, LPL Financial, Stockbroker Malpractice, Unsuitable Investments

David J. Schmerber-Former LPL Financial Broker-Settles Dispute Over Unsuitable Investments-Centerville, OH

May 2018- Centerville, OH

According to FINRA records, David Joseph Schmerber,  a  stockbroker who was  formerly employed by LPL Financial Services, disclose  the recent settlement of a customer dispute.

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 FINRA Case 17-0659 a customer of his prior employer LPL Financial  alleged that between 2008-9/2016, Schmerber invested their accounts in various complex, volatile and speculative securities which were unsuitable for their investment objectives. That case was settled in 11/2017 for $395,000.

Schmerber was employed by LPL Financial Services from 3/19997-3/2017. He is currently employed by Cetera Advisors in Centerville, OH.

If you have questions about an account handled by David J. Schmerber, call for a no charge consultation to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Cetera Advisors, Cetera Financial Group, CUSO Financial Services, LPL Financial, Utah Division of Securities

Utah Regulators Move to Fine Cetera, LPL an CUSO Financial Services Over Credit Union Operations

May 2018-Salt Lake City, Utah

The Utah Division of Securities filed actions against Cetera Advisor Network, Paul W. Neuenswander and Financial Network FID West LLC, d/b/a Peak Financial Network Solutions over credit union violations. Link to the Utah pleading here. 

Neuenswander is a licensed stockbroker who is employed by Cetera.  Peak Financial Network is the DBA for Financial Network FID West LLC and is a registered branch of Cetera.

The Utah regulator conducted examinations of Cetera’s business operations being conducted in the following credit unions:

  • Jordan Credit Union
  • Granite Credit Union
  • Deseret First Credit Union 
  • Utah Community Credit Union

The regulator found that Cetera failed to comply with regulatory requirements governing networking arrangements between broker-dealers and credit unions, approved the use of misleading sales and advertising materials provided to the public and failed to supervise the business being conducted from their operations within the credit unions. As a result customers were not adequately informed that investments were being provided by Cetera and not the financial institution.

The Utah Division of Securities has filed similar proceedings for similar violations against LPL Financial and CUSO Financial Services.

If you have suffered losses as a result of investments you made with Cetera, LPL or CUSO Financial Services at a credit union, you may be able to recover damages. Call for a no charge consultation to discuss your options.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Cetera Advisors, Cetera Financial Group, Discretionary Trading, Failure to Supervise, FINRA, Finra Investigation of Stockbroker, Limited Partnerships, Misrepresentation, Reg D Offerings(private placements), REITs, Stockbroker Discharged, Stockbroker Malpractice, Unsuitable Investments

Martin Brooks-Former Cetera Advisors Broker-Discloses Settlement of $490K Customer Dispute-Lee’s Summit, MO

March 2018- Lee’s Summit, MO

The FINRA records of Martin Earl Brooks , a stockbroker who is currently employed  by United Planners Financial Services of America , disclose a prior final customer dispute, a recent regulatory matter and a termination from employment.

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 March 2018, Brooks was suspended for 15 days and fined $5,000 by FINRA to resolve allegations that while employed by Multi-Financial Securities (now known as Cetera Advisors) he purchased shares in a real estate fund for five different customers, without their permission. Brooks failed to mark the trades as solicited , and improperly marked them as unsolicited.

In July 2017, a customer of Cetera Advisors was paid $490,000 to resolve allegations that real estate investments recommended by Brooks were unsuitable.

Brooks was employed by Cetera Advisors from 10/2006-4/2016, when he was discharged by Cetera who made the following allegation on Brooks‘ FINRA record: “allegation by client that representative recommended unsuitable investments.” 

Brooks has been employed by United Planners since 7/2016.

If you have questions about an account handled by Martin Brooks , 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.

Nationwide Representation

Rex Securities Law

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Cetera Advisors, Cetera Financial Group, Commodities, Energy Securities, Failure to Supervise, Misrepresentation, Oil & Gas Investment, Oppenheimer, Stockbroker Malpractice, Unsuitable Investments

How to Recover Losses on Miller Energy Resources Investments

OCTOBER 2017

If you suffered losses as a result of following your broker’s recommendation to invest in Miller Energy Resources, contact us to find out how you may be able to recover damages from the brokerage firm through FINRA arbitration.

Miller Energy Resources filed for bankruptcy in October 2015 after the company and its officials were charged with inflating the value of its oil and gas properties by hundreds of millions of dollars.

Many investors were encouraged to invest in Miller Energy Resources and other oil and gas investments believing that such investments were safe and secure only to see the value drop dramatically.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Cetera Advisors, Cetera Financial Group, Concentrated Positions, Energy Securities, Failure to Supervise, Oil & Gas Investment, Oil related investments, Oppenheimer, Stockbroker Malpractice, Unsuitable Investments

Abraham Heimann-Former Oppenheimer/Cetera Stockbroker-Subject of Suits Over Energy Investments-Alpharetta, GA

April 2018-Alpharetta, GA

According to publicly available records Abraham Heimann, (CRD#1315922) ,  a  stockbroker who last was employed by Cetera Advisors, and who is not currently registered with any brokerage firm, discloses five currently pending customer disputes involving energy sector investments and two prior customer complaints that are final.

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.

The currently pending customer cases include:

  • FINRA case 17-02785-a customer of Heimann while he was employed at Cetera Advisors alleges damages of $364,000  for breach of fiduciary duty and negligence, failure to supervise, unauthorized trading and violation of FINRA conduct rules with respect to energy sector investments.
  • FINRA case #17-2498-a customer of Heimann while he was employed at Oppenheimer & Co,  alleges damages of $200,000  for breach of fiduciary duty, , negligence fraud, failure to supervise, unauthorized trading, excessive fees, costs and commissions and other claims with respect to energy sector investments.
  • FINRA case #17-1951-a customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $1,500,000  for lack of diversification.
  • FINRA case #15-03220 , another customer of Heimann while he was employed at Oppenheimer and then Cetera Advisors alleges damages of $876,195 for unsuitable investing, unauthorized trading, negligence, breach of fiduciary duty and misrepresentation. The investments alleged to be unsuitable are oil & gas, penny stocks and medical investments.

Heimann , who is not currently registered as a stockbroker, was employed by Cetera Advisors  from 6/2013-2/2016.  He was with Oppenheimer & Co. from 1/2002-7/2013. Heimann discloses business affiliations with Alpha Insurance Mart, Global Investments LLC,  and Danlee International.

If you have losses in an account handled by  Abraham Heimann 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870