Securities Lawyers Blog
According to BrokerCheck records financial advisor Jerry Michna (Michna), employed by Cetera Advisor Networks LLC (Cetera Advisor), has been subject to two customer complaints. According to records kept by The Financial Industry Regulatory Authority (FINRA) Michna has been accused by a customer of unsuitable investment advice concerning various investment products including energy stocks most likely including master limited partnerships (MLPs). The law offices of Gana Weinstein LLP continue to report on investor related losses and potential legal remedies due to recommendations to investor in oil and gas and commodities related investments.
The claim was filed in July 2018 and alleges various energy sector equities purchased in 2013 and 2014 were unsuitable causing $250,000 in damages. The claim is currently pending.
Our firm handles claims and is also investigating securities claims against brokerage firms over sales practices related to the recommendations of oil & gas and commodities products such as exchange traded notes (ETNs), structured notes, private placements, master limited partnerships (MLPs), leveraged ETFs, mutual funds, and individual stocks.
Before recommending investments in oil and gas and commodities related investments, brokers and advisors must ensure that the investment is appropriate for the investor and conduct due diligence on the company in order to understand the risks and prospects of the company. Oil and gas and commodities related investments have been recommended by brokers under the assumption that commodities prices would continue to go up. However, brokers who sell oil and gas and commodities products are obligated to understand the risks of these investments and convey them to clients.
According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined. Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases. In addition, research has show a disturbing pattern with troublesome brokers where brokers with high numbers of customer complaints are not kicked out of the industry but instead these brokers are sifted to lower quality brokerage firms with loose hiring practices and higher rates of customer complaints. These lower quality firms may average brokers with five times as many complaints as the industry average.
Michna entered the securities industry in 1996. From December 2006 until August 2017 Michna was associated with Questar Capital Corporation. Since August 2017 Michna has been associated with Cetera Advisor out of the firm’s Louisville, Ohio office location.
At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to inappropriate investments in oil and gas related securities. Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.