Category Archives: First Allied Securities

Cetera Advisors Charged With Defrauding Retail Clients

September 2019

Cetera Advisors, a registered investment advisor and broker-dealer based in Denver, Colorado, was charged by the Securities and Exchange Commission (SEC) with breaching its fiduciary duty and defrauding retail clients out of more than $10 million in undisclosed commissions in connection with the sale of mutual funds.

According to the SEC,  Cetera representatives continuously recommended that clients invest in funds on the Cetera platform that cost the clients more than other less expensive, identical investments that are available.

The SEC alleges that Cetera put clients’ money into mutual fund share classes that charged 12b-1 fees when Cetera knew that the clients could have invested in lower cost shares of the same funds without those fees. These violations, which netted Cetera nearly $11 million to which it was not entitled,  occurred from at least 9/2012-12/2016.

Cetera Financial Group, with about 8,000 advisors and reported revenues of $1.6 billion in 2016,  includes the following firms:

  • Cetera Advisors
  • Cetera Advisor Networks
  • Cetera Financial Specialists
  • Cetera Financial Institutions
  • First Allied 
  • Summit Brokerage Services

Cetera Corporate offices are located in El Segundo, CA, Boca Raton, FL, Denver, CO, San Diego, CA, St. Cloud, MN and Schaumburg, IL.

If you have questions about an investment account handled by one of the Cetera firms,  contact us for a no charge consultation to learn about your legal 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

Sean Brady-Former First Allied Securities Broker-Subject of Customer Suits Seeking Over $12 Million-St. Louis, MO

February 2019- St. Louis, MO

The FINRA records of  Sean Aaron Brady ,  a  former stock broker who is not currently registered and who was last employed by First Allied Securities  disclose  that he was recently permanently barred from the securities industry, terminated from employment and is the subject of 9 currently pending customer suits seeking millions of dollars.

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 June 2018 FINRA  permanently barred Sean Brady from the securities industry to resolve allegations that he failed to provide FINRA information and documents requested during an investigation into possible sales practice violations committed by Brady.

There are currently nine cases pending by customers of Sean Brady seeking total damages in excess of $12 million in damages. Allegations of Sean Brady’s wrongdoing include:

  • unsuitable recommendations on the basis of false account documents
  • incorrect account information
  • fraud
  • negligence
  • failure to supervise
  • breach of fiduciary duty

Sean Brady was employed by First Allied Securities from 5/2008-10/2017 when he was discharged for violating firm policy pertaining to 1-falsification of signature on documents, 2-text messaging, and 3-consolidated account reports.

If you have losses in an account handled by Sean Brady  call for a no charge consultation to learn about your options for recovery of damages from First Allied Securities.

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

Masood (Mike) Azad-Former First Allied Broker-Sanctioned by Securities Regulator-League City, TX

April 2018 -League City, TX

According to FINRA records, Masood (Mike) Husain Azad,  a   former stockbroker who was last employed by First Allied Securities, disclose  a prior regulatory event 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 November 2017, FINRA permanently barred Azad from the securities industry to resolve allegations that Azad failed to provide documents and information in connection with a FINRA investigation related to Azad’s alleged participation in an unapproved securities transaction. FINRA Case #2017054623301. 

 

Masood Azad was employed by First Allied Securities from 1/2015-6/2017, when he was discharged. First Allied makes the following allegation in connection with the discharge:“RR violated firm policy relating to borrowing money from clients, engaging in an unapproved private securities transaction and outside business activity”. Azad was employed by Voya Financial from 8/2004-1/2015. Azad discloses business affiliations with Consolidated Working Group, Robertson Wealth Management and American Retirement Solutions.

If you have questions about an account handled by Mike Azad contact us 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

William M. Robertson-Former First Allied Securities Broker-Subject of $22M Customer Dispute-Deer Park, TX

April 2019- Houston, Texas

We are currently investigating former First Allied Securities financial advisor William M. Robertson.

According to FINRA records,  William (Mike) Robertson , discloses a currently pending dispute and 3 prior customer disputes.

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 2018 a customer of First Allied Securities and First Allied Advisory Services alleged that from 2008-2014, Robertson recommended unsuitable investments and failed to disclose risk associated with investment recommendations. Claims include breach of fiduciary duty, misrepresentations and failure to supervise. Damages were alleged to be $22 million. In 11/2018 the case was settled for $3.5 million. 

According to Robertson’s FINRA record, in 5/2010, a customer of First Allied Securities was paid $110,000 to resolve allegations that their account had been churned, was traded without authority, and had improper use of margin borrowing. FINRA Case #09-3968.

In  currently pending FINRA Case #18-03383, a customer of First Allied Securities alleges that Robertson recommended unsuitable investments in real estate securities causing damages of $75,000.

Robertson was registered with First Allied Securities from 10/2000-12/2016. He discloses business affiliations with Robertson Wealth Management, Advanced Financial Services, and was host of the Straight Talk Money radio show.

Invest in AFIN-American Finance Trust ?

Upon information and belief Robertson recommended that certain clients invest in American Finance Trust (AFIN) a real estate investment formerly known as American Realty Capital Trust V. This investment has plummeted in value over the recent years. See this for more on American Finance Trust

If you have losses in an account handled by William M. Robertson,  contact us for a no charge consultation to discuss your options and to learn how you may be able to recover damages for account losses 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

Kelly G. Richards-First Allied Securities Broker-Discloses Prior Termination-Phoenix, AZ

August  2018-

The FINRA records of  Kelly Gene Richards , (CRD 4918409),   a  stockbroker who is currently  employed by  First Allied Securities, disclose a prior 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 8/2010 Richards was discharged from JPM Chase Bank who made the following allegation on his FINRA record: “Terminated by affiliate bank. Non securities related. Overall job performance including violating bank related procedures”. 

Richards has been registered with First Allied Securities since 4/2015. His prior employment includes Raymond JamesCapital Investment Group and Chase Investment Services. Richards discloses a business affiliation with RG Capital of Phoenix, AZ .

If you have questions about an account handled by Kelly G. Richards, call to learn about 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