Articles Tagged with Cetera Advisor

shutterstock_103681238-300x300According 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.

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shutterstock_188141822-300x200The securities attorneys at Gana Weinstein LLP are currently investigating Cetera Advisor Networks LLC (Cetera Advisor) broker Jaret Mutter (Mutter). According to BrokerCheck Records, Mutter is currently subject to a pending regulatory matter in which the Virginia State Corporation Commission (VSCC) has sanctioned Mutter for the violation of various securities laws. Mutter has also been subject to seven customer disputes, one of which is still pending.  The majority of these disputes concern the misrepresentation and unsuitable recommendation of investments in Unit Investment Trusts (UITs).

In April 2018, VSCC placed a Special Supervision Order on Mutter due to numerous disclosures and complaints from customers at Cetera Advisor, Mutter’s firm of employment. Consequently, Mutter has been placed under special supervision for a year.

In addition, Mutter has been subject to multiple customer disputes. Most recently, in May 2015, a customer alleged that Mutter misrepresented investments to the customer and placed the customer in investments that were unsuitable to their investment portfolio and objectives. The customer was awarded $50,310 in damages.

shutterstock_34872913The securities fraud lawyers of Gana Weinstein LLP are investigating customer complaints filed with The Financial Industry Regulatory Authority’s (FINRA) against broker James Hayne (Hayne).  According to BrokerCheck records Hayne has been the subject of at least six customer complaints and one Judgement or lien.  The customer complaints against Hayne allege a number of securities law violations including that the broker made unsuitable investments, unauthorized trading, fraud, misrepresentations, and churning (excessive trading) among other claims.

The most recent complaint was filed in February 2016 and alleged that from September 2013 until June 2014 the customer’s account was traded negligently causing $200,000.  The complaint is currently pending.  In October 2015 another customer alleged that between 2008 and 2013, excessive trading occurred in in the customer’s family trust account. The customer also alleged that the investments were unsuitable and caused $750,000.  The claim is currently pending.

When brokers engage in excessive trading, sometimes referred to as churning, the broker will typical trade in and out of securities, sometimes even the same stock, many times over a short period of time.  Often times the account will completely “turnover” every month with different securities.  This type of investment trading activity in the client’s account serves no reasonable purpose for the investor and is engaged in only to profit the broker through the generation of commissions created by the trades.  Churning is considered a species of securities fraud.  The elements of the claim are excessive transactions of securities, broker control over the account, and intent to defraud the investor by obtaining unlawful commissions.  A similar claim, excessive trading, under FINRA’s suitability rule involves just the first two elements.  Certain commonly used measures and ratios used to determine churning help evaluate a churning claim.  These ratios look at how frequently the account is turned over plus whether or not the expenses incurred in the account made it unreasonable that the investor could reasonably profit from the activity.