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Broker Complaints: Cetera Advisor Networks (CRD# 13572)

According to the Financial Industry Regulatory Authority (FINRA), California-based brokerage/advisory firm Cetera Advisor Networks (CRD# 13572) is the subject of numerous customer complaints, civil actions, and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Cetera Advisor Networks.

Formed in California in 2002, Cetera Advisor Networks is headquartered in El Segundo, California, and is registered in 53 US states and territories. Douglas Stephan King serves as Manager, President, and Chief Executive Officer; Thomas Byron Taylor serves as Vice President and Chief Operating Officer; Bryan K. Jacobsen serves as Chief Compliance Officer and Secretary.

According to its BrokerCheck report, Cetera Advisor Networks is the subject of seven regulatory sanctions, one civil action, and fifteen customer complaints that evolved into arbitration.

In 2012 Cetera Advisor Networks was sanctioned by FINRA following allegations the firm failed to expeditiously inform FINRA of changes to information regarding its branch offices. Cetera Advisor Networks was censured and issued a fine of $40,000.

In 2010 Cetera Advisor Networks was sanctioned by the State of Missouri Securities Division following allegations the firm employed an unregistered agent. Cetera Advisor Networks was censured and issued a fine of more than $82,000.

In 2006 Cetera Advisor Networks was sanctioned by the National Association of Securities Dealers (NASD) following allegations the firm gave preferential treatment to mutual fund complexes that made payments to a revenue sharing program maintained by Cetera. Cetera Advisor Networks was censured and issued a fine of $3,415,000.

In 2005 a customer alleged Cetera Advisor Networks breached its fiduciary duty, breached contract, and made margin calls. The complaint resulted in an award to the customer of more than $642,000.

In 2002 the Attorney General of the State of New York filed a civil injunction against Cetera Advisor Networks following allegations that certain registered representatives solicited contracts for which they received unreported commissions. Cetera Advisor Networks was ordered to pay $1,650,000 in restitution.

In 2002 a customer alleged Cetera Advisor Networks misrepresented and sold unsuitable investments, omitted material facts pertaining to an investment, and failed to supervise its representatives. The complaint resulted in an award to the customer of $200,000.

In 2002 a customer alleged Cetera Advisor Networks breached its fiduciary duty, misrepresented an investment, omitted material facts pertaining to an investment, and failed to supervise its representatives. The complaint resulted in an award to the customer of more than $200,000.

In 1991 a customer alleged Cetera Advisor Networks breached its fiduciary duty, misrepresented an investment, acted negligently, and churned the customer’s account. The complaint resulted in an award to the customer of more than $94,000.

If you have lost money investing with Cetera Advisor Networks, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. Since all cases are taken on contingency, we only get paid if and when you recover money.  Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.