Last Updated: February 2025
Are you concerned about investments made through Cetera Advisors LLC or one of their financial advisors? This comprehensive review examines Cetera’s regulatory history, customer complaints, and what you need to know to protect your investments.
About Cetera Advisors LLC
Cetera Advisors LLC (CRD# 10299) is a broker-dealer headquartered in Greenwood Village, Colorado. The firm was formed in Delaware in 2012 and is registered with the SEC and FINRA, operating in 53 U.S. states and territories. Cetera Advisors provides various investment services, including mutual fund sales, variable annuities, and private placements.
Key Organizational Details
- Main office: 5299 DTC Blvd #800, Greenwood Village, CO 80111
- Parent company: Cetera Financial Group, Inc. (owns 75% or more)
- The firm employs numerous registered representatives across the country
- Provides both brokerage and investment advisory services
Major Regulatory Issues and Customer Complaints
Recent SEC Action (2019-2022)
In 2019, the SEC filed a complaint against Cetera Advisors for breaching its fiduciary duty and defrauding advisory clients. Key allegations included:
- Recommending higher-cost investments when identical lower-cost options were available
- Failing to disclose material conflicts of interest
- Receiving over $10 million through breaching fiduciary duties
- Marking up fees without proper disclosure
This case concluded in October 2022 with Cetera ordered to pay:
- $5.6 million in disgorgement
- $990,961 in prejudgment interest
- $1 million civil penalty
FINRA Actions and Customer Complaints
Multiple FINRA actions highlight supervision failures and customer protection issues:
- 2020: $150,000 fine for failing to supervise private securities transactions
- 2017: $628,040 in restitution for failing to apply mutual fund sales charge waivers
- 2015: $250,000 fine regarding Unit Investment Trust sales practices
Pattern of Customer Arbitration Awards
The firm has faced numerous customer arbitrations resulting in monetary awards:
- Multiple cases involving suitability issues
- Claims of misrepresentation and omission of facts
- Failures in supervision of financial advisors
- Awards ranging from $37,000 to over $125,000
Individual Financial Advisor Complaints and Disclosures
We are investigating financial advisors with this firm and will shortly update with specific individuals who have been or are currently subject to customer complaints and regulatory scrutiny.
Frequently Asked Questions About Claims Against Cetera Advisors LLC
How do I know if I have a valid claim against Cetera Advisors?
You may have a valid claim if you’ve experienced significant investment losses, were sold unsuitable investments, paid excessive fees, or received misrepresentations about investment risks. Common red flags include:
- Investments that don’t match your stated risk tolerance
- Unexpected or unexplained losses
- Concentration in high-risk investments
- Excessive trading in your account
- Undisclosed fees or commissions
How long do I have to file a claim?
There are strict time limitations for filing investment-related claims. Generally, FINRA arbitration claims must be filed within six years of the event giving rise to the dispute. However, some states have different statutes of limitations, and certain circumstances may affect these deadlines. It’s crucial to consult with a securities attorney as soon as you suspect misconduct.
What documentation do I need to pursue a claim?
Important documents to gather include:
- Account statements
- Trade confirmations
- Emails or correspondence with your advisor
- Account opening documents
- Marketing materials or investment presentations
- Any written complaints you’ve made Don’t worry if you don’t have all these documents – we can help obtain necessary records during the legal process.
How much does it cost to pursue a claim?
At Patil Law, P.C., we typically handle investment fraud cases on a contingency fee basis. This means you pay no upfront legal fees, and we only get paid if we successfully recover money for you. During your free initial consultation, we’ll explain our fee structure and what you can expect throughout the process.
What compensation can I recover?
Potential recoverable damages may include:
- Direct investment losses
- Lost opportunity costs
- Interest
- Account fees and commissions
- In some cases, punitive damages
- Attorney fees and costs (in certain circumstances)
How long does the recovery process take?
The timeline varies depending on case complexity, but FINRA arbitration typically takes 12-18 months from filing to resolution. Some cases settle more quickly, while others may take longer if they involve complex issues or multiple parties.
Will I have to go to court?
Most investment disputes are resolved through FINRA arbitration rather than court. This process is generally faster and less formal than traditional litigation. While you may need to participate in hearings, these are typically less intimidating than court proceedings and can often be conducted virtually.
Can I remain anonymous when filing a claim?
While complete anonymity isn’t possible when filing a claim, we take steps to protect your privacy throughout the process. FINRA arbitration proceedings are private, and details of settlements typically remain confidential.
Protecting Your Investments: Next Steps
If you’ve invested through Cetera Advisors LLC and experienced losses, unauthorized trades, or questionable investment recommendations, you may have legal recourse to recover your losses. Signs that you may have a claim include:
- Unexpected investment losses
- High-pressure sales tactics
- Unauthorized transactions
- Excessive fees or commissions
- Misrepresented investment risks
Contact Patil Law, P.C. for a Free Consultation
Our securities fraud attorneys specialize in helping investors recover losses from broker-dealers like Cetera Advisors LLC. We understand the complex regulations governing investment firms and can evaluate whether your losses resulted from improper conduct.
Don’t wait to protect your financial future. Contact Patil Law, P.C. now at 800-950-6553 for a free, confidential consultation about your potential claim against Cetera Advisors LLC.
This post is intended solely for informational purposes and does not constitute legal advice. Every case is unique and should be evaluated individually by qualified legal counsel. For more brokerage firm investigations by Patil Law, please visit the Brokerage Firm Investigations page.