Tag Archives: Cetera Advisor Networks complaint

Christopher Hickman-Former Cetera Advisors Broker-Discloses a Regulatory Event, 7 Customer Disputes -Delray Beach, FL

February 2018- Delray Beach, FL

According to publicly available records  Christopher Hickman. (CRD#3267599) a stockbroker who is not currently registered, and who last was employed by Cetera Advisors , disclose a regulatory event and  seven 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 June of 2017 FINRA entered into an agreement with Christopher Hickman resulting in a $115,989.75 fine and a five month suspension.   According to the agreement with FINRA:  “Without admitting or denying the findings, Hickman consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of short-term trading of unit investment trusts (UITs) in six customer accounts.   The findings stated that Hickman repeatedly recommended that the customers purchase UITs and the sell these products within a year of purchase.  The UITs that Hickman recommended had maturity dates of 24 months or longer and carried sales charges of up to 3.95%.   Nevertheless, on dozens of occasions, Hickman recommended that his customers sell their UIT positions less than a year after purchase.   Indeed the average holding period for the UITs purchased in these six customers’ accounts was just 136 days. In addition, on several occasions Hickman recommended that his customers use the proceeds from the short-term sale of a UIT to purchase another UIT with similar or even identical investment objectives.   As a result of these transactions the six customers at issue suffered losses of approximately $115,989.75.”

Prior customer settlements include:

  • FINRA Case 17-1056- In 1/2018 a customer of Cetera Advisors was paid $150,000 to resolve allegations that Hickman was negligent and allegations of elder abuse.
  • FINRA Case 09-05733-  filed by a customer of his former employer, Banc of America,  alleged unsuitable investments and unauthorized trading.   The case was settled for $75,000.
  • FINRA Case 09-05493- a Banc of America Investment Services customer filed a dispute alleging that trading in the account was not suitable for the client and that misrepresentations were made regarding her investments.    The case settled for $650,000.

Hickman was been  employed with Cetera Advisors  from 9/2009-7/2015. Hickman discloses a business affiliation with Premier Client Investments in Delray Beach, FL.

If you have losses in an account handled by Christopher Hickman, contact us 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James Franklin – Former Investors Capital Corp. Broker- Discloses Customer Dispute- Houston, TX

June 2017 – Houston, TX

According to publicly available records James A. Franklin  (CRD#4799613) ,  a  stockbroker who currently is employed by 1st Global Capital Corp.  discloses a pending 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 April of 2017,  a customer of Investors Capital Corp.  filed a customer dispute for damages of  $50,000  alleging that Franklin misrepresented the liquidity of REITs sold to him.

Franklin has been employed by 1st Global Capital since March of 2017.    He was with Cetera Capital Corporation  from October of 2016 to March 2017, and with Investors Capital Corporation beginning in September 2010. Franklin discloses a business affiliation with Molen Financial LLC.

If you have questions about an account handled by James A. Franklin , contact us to discuss your options.

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

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

Daniel Vasquez, Sr. – Former Investor’s Capital Broker – Discloses Customer Disputes & Regulatory Event – Irvine, CA

April 2017-Irvine, CA 

According to publicly available records Daniel Vasquez, Sr. , (CRD#3141463) ,  a  stockbroker who is currently not registered, but previously worked for Cetera Advisors and Investors Capital Corp discloses two final regulatory events, three pending customer disputes and three 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 September 2016 FINRA permanently barred Vasquez from the securities industry for failing to respond to FINRA request for information.

In pending FINRA   case 2012 0306704 a customer of Foothill Securities alleges damages of $150,000 for unsuitable investments.

In pending FINRA case #16-02455 a customer of Investors Capital Corp and Cetera Advisors alleges of $107,392 for unsuitable investments and unauthorized trading, including an investment in the NEON Fund.

Vasquez was employed by Cetera Advisors from 11/2013 – 5/2016  and was previously employed by Investors Capital Corp. from 9/2011 – 11/2013 and with Foothill Securities 9/2009-9/2011. .

INVESTORS CAPITAL CORP. SUBJECT OF 21 REGULATORY MATTERS–CEASES OPERATIONS FALL 2016

Investors Capital Corp. withdrew its registration with FINRA in fall 2016. Investors Capital has been named in 21 regulatory matters and a number of customer arbitrations. For more information on Investors Capital Corp, follow this link. 

If you have questions about an account in an account handled by Daniel B. Vasquez, Sr.  contact us to discuss 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

Cetera Renames Its Four Broker Dealers

At the end of 2012, Cetera Financial Group announced that it would be rebranding its four broker-dealers by changing the names of those companies.

The former names of the companies and their new names are:

  • Financial Network Investment Corp.  is now Cetera Advisor Networks.
  • Multi-Financial Securities Corp is now Cetera Advisors.
  • PrimeVest Financial Services is now Cetera Financial Institutions.
  • Genworth Financial is now Cetera Financial Specialists.

Cetera Financial Group has  over 6,500 independent financial professionals nationwide and are headquartered in El Segundo, CA.

If you have questions or complaints about your brokerage account, do no hesitate to contact us. We have been assisting investors nationwide with the recovery of investment losses due to the negligence or fraud of financial professionals for 25 years.

Rex Securities Law , located in Boca Raton, FL, 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.

Rex Securities Law

561 391 1900