Securities Lawyers Blog
According to BrokerCheck records financial advisor Travis Hughes (Hughes), currently employed by Cetera Advisors LLC (Cetera) has been subject to twelve customer complaints and one employment termination for cause during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), the many of the customer complaints against Hughes concern allegations over variable annuity sales practices and non traded real estate investment trusts (Non-Traded REITs).
In August 2008 Hughes was terminated by AXA Advisors, LLC (AXA) after the firm alleged that Hughes failed to follow compliance procedures and policies after the broker was placed on enhanced supervision by the firm.
In August 2018 a client complained that Hughes violated the securities laws by recommending Non-Traded REITs. The customer alleged $18,253 in damages. The claim is currently pending.
In January 2017 a client complained that Hughes violated the securities laws by recommending unsuitable investments between 2011 and 2013. The customer alleged $85,000 in damages. The claim settled for $37,500.
Variable annuities are complex financial and insurance products. In fact, the Securities and Exchange Commission (SEC) released a publication entitled: Variable Annuities: What You Should Know encouraging investors to ask questions about the variable annuity before investing. Essentially, a variable annuity is a contract with an insurance company under which the insurer agrees to make periodic payments to you. The investor chooses the investments made in the annuity and value of your variable annuity will vary depending on the performance of the investment options chosen. The primary benefits of variable annuities are the death benefit and tax deferment of investment gains.
However, the benefits of variable annuities are often outweighed by the terms of the contract that include exorbitant expenses such as surrender charges, mortality and expense charges, management fees, market-related risks, and rider costs.
Hughes entered the securities industry in 1986. From September 2008 through October 2016 Hughes was registered with Investors Capital Corp. Since October 2016 Hughes has been registered with Cetera out of the firm’s El Paso, Texas office location.
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.