Articles Tagged with Cetera Wealth Services

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Philip Chao (Chao), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Chao recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on January 26, 2024.

Claimants alleged that the Representative recommended multiple Real Estate Investment Trust products that were unsuitable, and resulted in a substantial loss. Claimants further alleged that the Representative misrepresented the risks and potential for future income and growth.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joshua Rayhons (Rayhons), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Rayhons recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on January 26, 2024.

Claimant alleged that the Representative recommended multiple alternative investment products that resultedin substantial losses. Claimant further alleged that the Representative misrepresented the risks and potentialfor future income and growth.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Joseph Wells (Wells), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Wells recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on January 26, 2024.

Claimants alleged that the Representative recommended multiple alternative investment products that resulted in substantial losses. Claimants further alleged that Representative misrepresented the risks and potential for future income and growth.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Rachac (Rachac), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Rachac recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on January 26, 2024.

Claimants alleged that the Representative recommended a Real Estate Investment Trust that resulted in a substantial loss. Claimants further alleged that the Representative misrepresented the risks and potential for future income and growth.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Patrick Groarke (Groarke), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Groarke recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $35,000.00 on August 20, 2025.

Claimant alleges they were recommended unsuitable investments

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Erik Alexander (Alexander), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Alexander 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 $270,000.00 on October 20, 2022.

Claimant alleges that in 2016 the Representative misrepresented that certain investments, such as a Real Estate Investment Trust, were conservative, secure, and did not carry any significant risks, and the Claimant suffered estimated losses in excess of $270,000.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Landon Collins (Collins), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Collins recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on November 10, 2022.

Client alleges FA did not follow his instructions to only purchase laddered CDs, but rather also purchased bonds which have decreased in value.

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Flynn Andrew (Andrew), currently associated with Cetera Wealth Services, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Andrew 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 $25,428.00 on March 15, 2023.

In January of 2022, Mr. Andrew made a recommendation resulting in a tax liability that was not fully disclosed.

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Currently financial advisor Rachel Heege Abode (Heege Abode), currently employed by brokerage firm Cetera Wealth Services, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements.  The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $30,000.00 on March 24, 2023.

Claimant alleges Rep recommended speculative purchases in illiquid REITs

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According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daniel Burkott (Burkott), currently associated with Cetera Financial Specialists LLC / Cetera Wealth Services, LLC / Cetera Investment Services LLC / Cetera Advisors LLC / Avantax Investment Services, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Burkott 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 $489,898.00 on April 03, 2023.

The statement of claim alleges that the representative failed his duty to maintain and enforce adequate supervisory system.

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