Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Gihan Fernando (Fernando), currently associated with Cetera Investment Services LLC, has at least 68 disclosable events. These events include 67 customer complaints, one tax lien, alleging that Fernando recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on October 09, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around August 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on October 08, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around October 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on September 26, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around June 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on September 19, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around April 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $52,857.92 on August 28, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $52,857.92 on August 28, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2015.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $591,037.10 on August 19, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around May 2013 – May 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $103,000.00 on August 07, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around January 2016 through December 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on August 07, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around June 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on August 01, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around October 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $594,985.69 on July 19, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around February 2015 through February 2016.
FINRA BrokerCheck shows a final customer complaint on July 02, 2024.
For the sole purpose of resolving an investigation by the Texas State Securities Board, Gihan Fernando consented to the entry of this order. The TSSB found that Fernando recommended clients purchase REITs without fully understanding the product. This constituted an inequitable practice in the sale of securities in rendering services as an investment adviser. Pursuant to 4007.105(a)(a)(A) of the Texas Securities Act, the aforementioned inequitable practice constitutes a basis for the issuance of an Order reprimanding Fernando.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $115,000.00 on June 25, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around March 2018.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $830,000.00 on June 17, 2024.
Alleged compensatory damage amount equals complainant’s original principal amount invested in the products.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $47,000.00 on June 08, 2024.
Complainant alleges dissatisfaction with variable annuity exchanges on or around May 2021.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $963,000.00 on May 20, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around August 2016 through July 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $55,000.00 on May 15, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2016 through October 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on April 25, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around January 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $90,000.00 on April 25, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around January 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on April 24, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $565,254.22 on April 23, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around March 2015 through September 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on April 22, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around November 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $350,000.00 on April 11, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around April 2016 through May 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $250,000.00 on April 11, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around April 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $495,766.04 on April 09, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around September 2014 through February 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $210,000.00 on March 21, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around December 2016 through March 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $66,500.00 on March 21, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around April 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $1,150,221.51 on March 13, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2014 through 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on March 12, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around February 2018 through August 2018.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on March 07, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around April 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $302,000.00 on March 05, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around October 2015 through April 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $700,000.00 on February 28, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around April 2015 – March 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $97,854.48 on February 27, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around July 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on February 26, 2024.
Alleged compensatory damage amount equals complainant’s original principal amount invested in the product.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $63,000.00 on February 26, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around February 2016 through April 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $99,000.00 on February 26, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around February 2016 through April 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $60,000.00 on February 26, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around February 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on February 16, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around April 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $450,000.00 on February 14, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around April 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $130,000.00 on February 12, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around October 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $65,000.00 on February 06, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around September 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on February 01, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around January 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $129,000.00 on February 01, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2015 – March 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on January 30, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around January 2018.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,000,000.00 on January 25, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around March 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $669,000.00 on January 23, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2014 through June 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on January 22, 2024.
Complainant alleges that certain features of the products were misrepresented during sales process on or around September 2015 through March 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $225,000.00 on January 10, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around September 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on January 09, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around May 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $200,000.00 on January 03, 2024.
Complainant alleges that certain features of the product were misrepresented during sales process on or around October 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $60,000.00 on December 21, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $130,000.00 on December 19, 2023.
Complainant alleges that certain features of the product were misrepresented during sales process on or around March 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on December 14, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around September 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $75,000.00 on December 14, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around August 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on December 13, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around July 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $600,000.00 on December 13, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2016 through September 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $150,000.00 on December 12, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2016 through June 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $100,000.00 on December 12, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around July 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $275,000.00 on December 08, 2023.
Complainant alleges that certain features of the product were misrepresented during sales process on or around August 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $690,000.00 on November 28, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around August 2015 through December 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $390,000.00 on November 22, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2017.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $160,000.00 on November 16, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around May 2017 through March 2018.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $40,000.00 on November 16, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2015 – June 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $500,000.00 on November 13, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around June 2014 through June 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $240,000.00 on November 10, 2023.
Complainant alleges that certain features of the product were misrepresented during sales process on or around May 2015.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $105,439.00 on November 09, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around August 2016 through September 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $300,000.00 on October 27, 2023.
Complainant alleges that certain features of the products were misrepresented during sales process on or around December 2015 through May 2016.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $191,425.94 on July 21, 2023.
Client alleges that certain features of the product were misrepresented during sales process in September 2016.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. This standard applies when a registered representative is providing investment advice through making recommendations customers and covers securities transaction, investment strategies, and recommendations concerning advice on opening of an account or accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest.
An advisor must understand the type of account, securities, and their client in order to meet their care obligations. The type of securities account has the potential to greatly affect retail customers’ costs and investment returns. Different types of securities accounts can offer different features, products, or services, and not all types of accounts or services would be in every investor’s best interest.
Fernando entered the securities industry in 2002. Fernando has been registered as a Broker with Cetera Investment Services LLC since 2024.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.