Category Archives: Cetera Financial Group

Summit Brokerage Services Sanctioned for Churning Accounts-Boca Raton, FL

July 2019-Boca Raton, FL

Wealthmangement.com reports that Summit Brokerage Services, an independent broker dealer headquartered in Boca Raton, FL,  will close it doors and roll its business up into an affiliated broker dealer, Cetera Advisor Network.

Summit Brokerage reports having 450 advisors and $17.5 billion in client assets.

According to FINRA records, Summit Brokerage discloses 15 prior regulatory matters. Most recently in July 2019, Summit Brokerage was censured by FINRA, fined $325,000 and ordered to pay restitution to customers of $558,296, plus interest, to resolve various allegations related to supervision of the firm’s brokers. The supervisory deficiencies include a broker who excessively traded customer accounts which generated over $650,000 in commissions.

If you have losses in an account at Summit Brokerage Services, 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

Travis Hughes of Hughes Financial Group-Discloses Numerous Customer Suits-El Paso, TX

January 2019-El Paso, Texas

According to publicly available records   Travis Jerome Hughes , a  stockbroker who is currently registered with Cetera Advisors  disclose a currently pending customer dispute, 11 prior customer disputes 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 the currently pending matter a customer of Cetera Advisors alleges poor performance of an investment in a real estate trust (REIT) and is seeking damages of over $18,000. Five of the prior customer disputes were were resolved with cash settlements, including:

  • FINRA Case 17-0028 in which a customer of Investors Capital Corp. was paid $37,500 to resolve allegations that investments in real estate securities and corporate debt were unsuitable.
  • A case filed in El Paso County (2008-3396) in which a customer of AXA Advisors was paid $350,000 to resolve allegations that they were sold unsuitable investments and victims of fraud.
  • A customer of AXA Advisors was paid $289,000 in 2007 to resolve allegations that she was sold three variable life insurance policies that were unsuitable based upon her financial objectives.

Hughes has been with Cetera Advisors since 10/2016. His prior employment includes Investors Capital Corp. , AXA Advisors and The Equitable Life Assurance Society of the United States. Hughes discloses business affiliations with Liberty Tax and Hughes Financial Group.

If you have losses in an account in an account handled by Travis Hughes , 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

Bradley Allen Bowman-Former Cetera Investments Services Broker-Discloses 400K Customer Dispute- Sugarland TX

November 2018-Sugarland, TX

According to publicly available records Bradley Allen Bowman , (CRD# 2898756) ,  a  stockbroker currently employed by LPL Finanical who was previously registered with Cetera Investment Services,  disclose a pending $400,000 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 January of 2018, a customer of  Cetera Investment Services,  filed FINRA case #18-0177 alleging  that Bowman did nothing to mitigate the collapse of their portfolios.    The customer is seeking damages of $400,000 in this pending matter.

Bowman was employed by Cetera Investment Services from April 2009 until October 2016.   He has been employed by LPL Financial Services since 10/2016. Bowman discloses a business affiliation with Intrua Financial in Houston, TX.

If you have losses in an account in an account handled by Bradley Allen Bowman, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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

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

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