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As per Cetera's filing, Claimants allege they were recommended unsuitable investments, and failure to conduct adequate due diligence.
Damage Amount Requested
$50,000.00
Settlement Amount
$30,000.00
Broker Comment
I do not agree with the terms of this settlement. Cetera had sole discretion to decide to settle. They made the determination it was less costly to settle than to go to arbitration. Cetera's costs to go to arbitration would have exceeded the cost of the settlement -- even if they had prevailed in the arbitration, which is why they settled. It is my belief Cetera would have prevailed in arbitration.
2/7/2022
Customer Dispute
Settled
Allegations
According to a disclosure by Cetera, the claimant alleges negligence, breach of fiduciary duty, material misrepresentations and omissions and failure to supervise.
Damage Amount Requested
$100,000.00
Settlement Amount
$1,500.00
License(s)
The broker is not currently registered with any state or SRO.
A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.
IA
Investment Adviser
An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.
Disclosures
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.