Articles Tagged with Cetera Advisor Networks

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Peter KlaasPublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on June 21, 2018 indicate that former Nevada-based Cetera Advisor Networks broker/adviser Peter Klaas, who has received resolved or pending customer disputes and a regulatory sanction, recently resigned from his former employer in connection to alleged rule violations and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Klaas (CRD# 2381681).

Peter Klaas has spent 24 years in the securities industry and was most recently registered with Cetera Advisor Networks in Las Vegas, Nevada since (2017-2018). Previous registrations include Allegis Investment Services in South Jordan, Utah (2014-2017); Signator Financial Services in Idaho Falls, Idaho (2014-2017); LPL Financial in Idaho Falls, Idaho (2007-2011); Financial Network Investment Corporation in Idaho Falls, Idaho (2003-2007); Edward Jones in St. Louis, Missouri (2002-2003); Cuna Brokerage Services in Waverly, Iowa (1995-2002); WMA Securities in Duluth, Georgia (1994-1995); and Fidelity Brokerage Services in Smithfield, Rhode Island (1993-1994). He is currently not registered with any state or firm.

According to his BrokerCheck report, he has received one regulatory sanction, three customer complaints, and one pending customer complaint, and he recently resigned from his former employer.

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Edward RosenblattPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on May 7, 2018 indicate that California-based Cetera Advisor Networks broker/adviser Edward Rosenblatt has been involved in several customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Rosenblatt (CRD# 2658712).

Edward Rosenblatt has spent 22 years in the securities industry and has been registered with Cetera Advisor Networks in Mission Viejo, California since 1995. He has no previous registrations. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on September 29, 1995; Series 7 (General Securities Representative Examination), which he obtained on November 17, 1995; and Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on September 8, 1995. He is a registered broker and investment adviser with 19 US states and territories: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Kentucky, Nevada, New York, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

According to his BrokerCheck report, he has received three customer complaints and two customer complaints that were closed or denied.

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David Schmerber

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on May 3, 2018 indicate that Ohio-based Cetera Advisor Networks broker/adviser David Schmerber has been involved in a customer dispute. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Schmerber (CRD# 2093918).

David Schmerber has spent twenty-seven years in the securities industry and has been registered with Cetera Advisors in Centerville, Ohio since February 2017. Previous registrations include LPL Financial in Centerville, Ohio (1997-2017); Smith Barney in New York, New York (1993-1997); and Lehman Brothers in New York, New York (1990-1993). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 20, 1992; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on October 5, 1990; Series 7 (General Securities Representative Examination), which he obtained on September 18, 1990; and Series 24 (General Securities Principal Examination), which he obtained on June 13, 1997. He is a registered broker and investment adviser with four US states: Indiana, Kentucky, Ohio, and Texas. He is registered with one self-regulatory organization (SRO): FINRA.

According to his BrokerCheck report, David Scherber has received one customer complaint.

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Matthew Lum
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 2, 2018 indicate that Texas-based Cetera Advisor Networks broker/adviser Matthew Lum has been involved in several customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lum (CRD# 1622477).

Matthew Lum has spent 30 years in the securities industry and has been registered with Cetera Advisor Networks in Corpus Christi, Texas and Santa Barbara, California since November 2017. Previous registrations include Girard Securities Santa Barbara, California (2004-2017); Sentra Securities Corporation in Phoenix, Arizona (2001-2004); SII Investments in Appleton, Wisconsin (1997-2001); FSC Securities Corporation in Atlanta, Georgia (1995-1997); Corporate Benefit Securities in Mission Viejo, California (1990-1995); First Affiliated Securities in La Jolla, California (1989-1990); PFG Securities (1988-1989); and Washington National Equity Company (1987-1988). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on December 2, 1999; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on April 23, 1998; Series 7 (General Securities Representative Examination), which he obtained on November 19, 1988; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on May 18, 1987; and Series 24 (General Securities Principal Examination), which he obtained on July 8, 2004. He is a registered broker and investment adviser with eleven US states: Arizona, California, Colorado, Florida, Hawaii, New York, Texas, Utah, Virginia, Washington, and Wyoming.

According to his BrokerCheck report, he has received four customer complaints.

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Pete KlaasPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on June 20, 2017 indicate that Nevada-based Cetera Advisor Networks broker/adviser Pete Klaas has been named in a pending regulatory complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Klaas (CRD# 2381681).

Pete Klaas has spent 23 years in the securities industry and has been registered with Cetera Advisor Networks in Las Vegas, Nevada since April 2017. Previous registrations include Allegis Investment Services in South Jordan, Utah; Signator Financial Services in Idaho Falls, Idaho; LPL Financial in Idaho Falls, Idaho; Financial Network Investment Corporation in Idaho Falls, Idaho; Edward Jones in St. Louis, Missouri; Cuna Brokerage Services in Waverly, Iowa; WMA Securities in Duluth, Georgia; and Fidelity Brokerage Services in Smithfield, Rhode Island. He has passed four securities industry examinations: 65 (Uniform Investment Adviser Law Examination); Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 24 (General Securities Principal Examination). He is a registered broker and investment adviser with Idaho and Nevada.

According to his BrokerCheck report, he has received three customer complaints, three pending customer complaints and one pending regulatory complaint.

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VOYAAccording to publicly available records released by the Financial Industry Regulatory Authority (FINRA) on November 2, 2016, and accessed on February 3, 2017, FINRA has sanctioned eight broker-dealer firms in connection to alleged sales variable annuity sales violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding the firms in question: VOYA Financial Advisors, Cetera Advisor Networks, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services, VSR Financial Services, Kestra Investment Services, and FTB Advisors.

FINRA’s release alleges that the firms failed to supervise the sales of variable annuity products. According to the complaint: “The L-share VAs at the heart of this action are complex investment products combining insurance and security features designed for short-term investors willing to pay higher fees in exchange for shorter surrender periods. L-shares also had the potential to pay greater compensation to the firms and registered representatives than more traditional share classes. Each of the firms in this action lacked an adequate system to supervise variable annuities with multiple share classes, and failed to provide its registered representatives and principals with reasonable guidance regarding the narrow class of customers for whom the costs and features of L-share variable annuities were suitable.”

The release goes on to say that the alleged failures were “compounded” when the L-shares were often sold with “complex and expensive guaranteed income and withdrawal riders that provided benefits only over longer holding periods.” VOYA, as well as four Cetera Group firms, allegedly failed to notify red flags of “broad patterns of potentially unsuitable sales of this product combination.”