Tag Archives: Cetera Advisors

Conrad Coggeshall-Former Packerland Broker-Charged With Fraud, Scottsdale, AZ

November 2019-Scottsdale, Arizona

Conrad Coggeshall has been charged by the Securities and Exchange Commission with fraud. The SEC complaint alleges that Coggeshall raised $700,000 from four elderly investors from April 2017-May 2018, claiming that the money was going to a New York mergers and acquisition firm called Business Owners Tax Relief. The victims were promised a fixed rate of interest.

Instead the money was used to pay his personal expenses and to make payments to the investors to provide the impression it was a going concern.

According to FINRA records, Coggeshall was an employee of Packerland Brokerage Services from 6.2015-1/2018. Prior to that he worked for USA Financial Securities and Cetera Advisors. He has not been a licensed broker since leaving Packerland in 2018.

Coggeshall discloses business affiliations with Arrowhead Wealth Management in Peoria, AZ and Cypress Associates in Houston, TX.

If you have questions about an account handled by Conrad Coggeshall call to speak with an experienced securities attorney.

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

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

Scott Kozak-Former Cetera Advisors Broker-Subject of Regulatory Investigation-Highland Ranch, CO

September 2019-Highland Ranch, CO

The FINRA records of  Scott P. Kozak ,  a  unregistered broker who was last employed by  Cetera Advisors disclose  a recent regulatory event, 4 prior customer disputes  and a termination of 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.

Kozak was notified that FINRA has made a preliminary determination to recommend that disciplinary action be brought against Kozak for engaging in private securities transactions in violation of NASD and FINRA rules.

In 2009 a customer of Kozak’s prior employer, Multi-Financial Securities Corp. was awarded $51,750 to resolve allegations of securities fraud, breach of fiduciary duty and other claims.

In 2008, another customer of Multi-Financial Securities was paid $27,500 to resolve allegations that Kozak did not follow instructions resulting in substantial tax losses.

Kozak was employed by Cetera Advisors from 7/2001 until 7/2018 when he was discharged for violating firm policy related to private securities transactions. Kozak discloses business affiliations with Ridit Consulting and IGC LLC, both of which are located in Highland Ranch, CO.

If you have losses in an account  handled by Scott Kozak or on private securities purchased upon his recommendation , 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

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