SEC针对CETERA顾问的经纪交易商欺诈案将达到2100万美元

CETERA顾问欺诈案件上升至2100万美元

Two months after suing Cetera Advisors for more than $10M for allegedly defrauding retail clients, the US Securities and Exchange Commission (SEC) has amended its complaint, adding another Cetera Financial Group firm as a defendant. The regulator is now seeking $21M.

根据修正的投诉，CETERA Advisors Network（也是注册经纪交易商和投资顾问）向零售咨询客户支付了超过1000万美元的未公开薪酬，以支付费用，标记，行政费用和收入共享。

SEC辩称，这不仅欺骗了咨询客户，而且还导致该公司违反了对客户的信托义务。

What Are The Accusations Against The Cetera Financial Group Firms?

Both firms are accused of not disclosing conflicts of interest regarding certain compensation. Non-disclosure of such information is considered unlawful.

The SEC said that the alleged fraud involving Cetera Advisors took place from 9/2012 to 12/2016 and that the fraud involving the other Cetera firm occurred from 4/2014 to 2/2016.

According to the complaint, both firms chose and held mutual fund investments for the retail clients that were more costly than other mutual fund investments. The investments were identical in every way except for how much they charged in fees.

Ceteraalso allegedly failed to disclose that a third-party brokerage firm paid it at least $4.1M in compensation when clients were invested in specific mutual funds that paid fees for revenue sharing. As well as at least $4.3M in compensation that some mutual funds paid to the Clearing Broker, which then shared those fees with the brokerage firms.

Not only that but according to the SEC, for certain periods of time, both Cetera Financial Group firms instructed the Clearing Broker to markup certain non-transactional fees by over 300%. The money from the markups, at least $3.5M was then paid to the broker-dealers.

Such fees are a conflict of interest because they can be an incentive for a broker-dealer to recommend certain investments over others in order to keep receiving those fees, as well as to stay in a relationship with the third party broker.

This can get in the way of making investment recommendations that are in the best interests of the clients and their finances. Now, the Commission is seeking disgorgement of ill-gotten gains, permanent injunctions, penalties and prejudgement interest.

经纪公司不当行为

如果您怀疑自己因收取不必要的费用而遭受投资损失，您的经纪交易商就提出了不符合您最大利益的投资建议，未能披露某些利益冲突或从事其他过失行为，请与Shepherd Smith Edwards和Shepherd Smith Edwards和Kantas，LLP（SSEK律师事务所) today.

Over the years, SSEK Law Firm has successfully gone after the largest firms on Wall Street to help investors recover their broker fraud and negligence losses.

A broker-dealer misconduct case is not the type of claim you want to pursue without an experienced legal firm advocating on your behalf and fighting for your right to recovery. SSEK Law Firm has recovered many millions of dollars on investors’ behalf.