Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Cetera Investment Services LLC, to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Cetera Investment Services is a broker-dealer that supports the investment and wealth management programs of banks and credit unions and also serves financial professionals in supported independence branch environments. Founded in 1984 as Banker Systems Brokerage and later known as PrimeVest Financial, the San Diego based firm is part of Cetera Financial Group and works with more than 400 banks and credit unions across the United States.
Cetera Investment Services LLC – By the Numbers:
- CRD #: 15340
- Regulatory Events: 12
- Arbitration Events: 3
- Broker Employees: 2,838
Cetera Investment Services LLC – In the News:
FINRA v. Cetera Investment Services LLC (Case #2018057331002) – From at least March 2019 through August 2021, the Cetera Firms’ supervisory systems, including their written supervisory procedures (WSPs), were not reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933, in violation of FINRA Rules 3110 and 2010. Over the same period, the Cetera Firms’ anti-money laundering (AML) compliance program was not reasonably designed to detect and cause the reporting of suspicious transactions, in violation of FINRA Rules 3310(a), 3310(f)(ii), and 2010. Additionally, from at least January 2017 through August 2021, Cetera Advisors failed to reasonably supervise the creation and dissemination of consolidated reports and failed to preserve such reports, in violation of Section 17(a) of the Securities Exchange Act of 1934, Exchange Act Rule 17a–4(b)(4), and FINRA Rules 3110, 4511 and 2010. For these violations, the Cetera Firms are censured, fined $1.1 million, and have agreed to an undertaking.
FINRA v. Cetera Investment Services LLC (Case #2016050259201) – Between July 1, 2009, and July 1, 2017 (the “Relevant Period”), CIS disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge (“Eligible Customers”). These Eligible Customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses. During this period, CIS failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that Eligible Customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. As a result, CIS violated NASD Conduct Rule 3010 (for misconduct before December 1, 2014), FINRA Rule 3110 (for misconduct on or after December 1, 2014), and FINRA Rule 2010.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.