Tag Archives: Cetera Advisors problem

Scott Shoup-Cetera Advisor Networks Broker-Discloses Customer Disputes-Sewickley, PA 

September 2019- Sewickley, PA

According to publicly available records Scott Eugene Shoup (CRD#1874559) , a  stockbroker who is currently registered Cetera Advisor Networks,  disclose 1 pending and 4 final 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.

From 6/ 2004 to 5/2005,  4 clients of Financial Investment Analysts filed customer disputes with allegations including: breach of contract, negligence, breach of fiduciary duty, misrepresentation, non-disclosures, unauthorized trading, omission of facts, suitability and fraud.  Total settlements paid on these cases was about $147,000.

In October of 2015, a Cetera Advisor Networks customer filed a claim in the Court of Common Pleas in Westmoreland County, PA, alleging forgery of securities and misrepresentation or misleading information.    The claim alleges that Shoup had the client’s name removed from monthly distributions from a joint annuity and that her husband was forging her name on the checks.   The client is seeking $500,000 in damages in this pending matter .

Shoup has been employed by Cetera Advisor Networks since 9/2013  He was registered with Walnut Street Securities from 2004 until 2013.     Shoup discloses a business affiliation with Vicus Capital, Inc.,  and Pennsylvania Financial Group (PFG) in State College, PA. 

If you have questions about an investment account handled by Scott Eugene Shoup 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

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

Mohamed Debbagh-Former Cetera Advisors Broker-Discloses Pending Customer Suit-Boca Raton, FL

April 2018 -Boca Raton, FL

According to FINRA records, Mohamed Debbagh,  a   stockbroker who was recently  employed by Cetera Advisors  , disclose  a pending dispute by a former customer.

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 currently pending FINRA Case 18-0840 a customer of Debbagh while he was employed by  Cetera Advisors and Fintegra is seeking damages of $209,000. The customer alleges breach of fiduciary duty, negligence, misrepresentation, common law fraud, unsuitable trading and violations of securities laws.

Debbagh is currently employed by Merrill Lynch. He was employed by Cetera Advisors from 3/2013-11/2017. Prior to that he was employed by Fintegra, LLC from 3/2010-3/2013. Fintegra withdrew their FINRA registration in 9/2015 and filed for bankruptcy that same month.

If you have questions about an account handled by Mohamed Debbagh contact us for a no charge consultation.

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

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

Frederick P. Baerenz-Kalos Capital Broker-Ordered to Pay Customer $331K-Great Falls, VA

May 2017-Great Falls, VA

The FINRA records of  Frederick P. Baerenz,  a  stockbroker who is currently  registered with Kalos Capital  disclose that a FINRA arbitration panel awarded damages to a customer Baerenz recently.

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 arbitration 15-0443, a customer of Kalos Capital and Pacific West Securities alleged damages of over $1 million for unsuitable trading and negligence in connection with an investment in equipment leasing, oil & gas and real estate investments. The three member arbitration panel awarded $331,000 to Baerenz’s former customer. Bond, et al v Baerenz. 

Frederick P. Baerenz has been employed by Kalos Capital since 5/2013. He was employed by Cetera Advisors from 12/2011-5/2013 and Pacific West Securities 9/2004-12/2011.

If you have questions about an account  handled by Frederick P. Baerenz , 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870