Houston, TX | December 16, 2024 – Gihan (Raphael) Fernando (CRD# 4469669), a financial advisor currently registered with Cetera Investment Services LLC in Houston, Texas, has 72 customer disputes and one regulatory action on his FINRA BrokerCheck record. The complaints allege misrepresentation and unsuitable investment recommendations involving non-traded real estate investment trusts (REITs) sold between 2015 and 2018. This report provides factual information from publicly available FINRA records to help investors make informed decisions.
BrokerCheck Snapshot
Name: Gihan Anil Fernando
CRD #: 4469669
Firm: Cetera Investment Services LLC / Cetera Investment Advisers LLC
Location: Houston, TX
Years in Industry: 23
Number of Disclosures: 73 (72 customer disputes, 1 regulatory event)
Regulatory Action Against Gihan Fernando
On July 2, 2024, the Texas State Securities Board issued a Letter of Reprimand against Gihan Fernando (Case No. REG-24-CAF-05). The regulatory action alleged that Fernando recommended clients purchase non-traded real estate investment trusts without fully understanding the product. According to the order, this constituted an inequitable practice in rendering services as an investment adviser under Section 4007.105(a)(a)(A) of the Texas Securities Act.
Fernando consented to the entry of the order to resolve the investigation. The regulatory action involved REITs sold while he was employed at both BOK Financial Securities, Inc. and his current firms, Cetera Investment Services LLC and Cetera Investment Advisers LLC. The order does not constitute a finding of fraudulent, manipulative, or deceptive conduct, but represents a formal reprimand for failing to fully understand investment products before recommending them to clients.
Customer Complaints Against Gihan Fernando
Fernando’s BrokerCheck record contains 72 customer disputes, all of which involve allegations related to unsuitable investment recommendations of non-traded REITs. The complaints span investments sold between October 2015 and December 2018 while Fernando was employed at BOK Financial Securities, Inc.
Recent Complaint – Filed August 2025
The most recent complaint was filed on August 11, 2025, through FINRA arbitration (Case No. 25-01553). The client alleged misrepresentation and unsuitable advice during the sales process occurring between October 2015 and January 2017. The complaint requested damages ranging from $100,000 to $500,000 and was settled on October 14, 2025, for $164,380.55. Fernando contributed $0.00 to the settlement, with the entire amount paid by his former employer.
Pattern of Settled Complaints
Additional representative complaints include:
Complaint 2 – Filed June 2025: A client alleged that certain features of a non-traded REIT were misrepresented during a sale in May 2015. The complaint sought $250,000 in damages and settled for $243,369.26 on July 3, 2025. Individual contribution: $0.00.
Complaint 3 – Filed October 2024: A client alleged misrepresentation regarding a REIT purchased in August 2016. The complaint sought $50,000 in damages and settled for $40,903.18 on November 21, 2024. Individual contribution: $0.00.
Complaint 4 – Filed October 2024: A client alleged misrepresentation regarding a REIT purchased in October 2017. The complaint sought $200,000 in damages and settled for $71,873.45 on December 17, 2024. Individual contribution: $0.00.
Complaint 5 – Filed August 2024: A client alleged misrepresentation regarding REITs purchased in December 2015. The complaint sought $52,857.92 in damages and settled for $41,813.24 on October 18, 2024. Individual contribution: $0.00.
All 72 complaints follow a similar pattern: allegations of misrepresentation during the sales process for non-traded REITs, settlement by the firm, and zero individual contribution from Fernando.
Broker Statement
In his statement accompanying these disclosures, Fernando maintains that he followed his employer’s instructions and that BOK Financial approved all investments through what the firm represented as an extensive due diligence process. He states that BOK Financial made a corporate decision to repurchase the investments from customers and that he was not involved in the settlements or repurchases.
Pattern of Complaints / Risk Factors
While each case is unique, this volume of complaints involving the same product type and similar allegations may indicate concerns related to unsuitable investment recommendations, inadequate risk disclosures, or failure to supervise. Non-traded REITs are complex, illiquid investments that may not be appropriate for all investors. Investors should carefully review account statements and seek legal guidance if similar issues occurred in their accounts.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments may be entitled to recover losses through FINRA arbitration. Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident. The arbitration process involves presenting evidence before a panel of arbitrators who determine whether the investor is entitled to compensation.
Related Brokers and Firms
For more information about advisors with similar disclosure patterns, visit our hub page for Cetera Investment Services complaints.
Additional resources:
- BOK Financial Securities complaints
- Non-Traded REIT Losses
- Unsuitable Investment Claims
- Broker Misconduct
Frequently Asked Questions
What is the complaint against Gihan Fernando?
Fernando faces 72 customer complaints alleging misrepresentation and unsuitable recommendations involving non-traded REITs sold between 2015 and 2018. Additionally, the Texas State Securities Board issued a Letter of Reprimand in July 2024 for recommending REIT products without fully understanding them.
Can investors recover losses involving Cetera Investment Services?
Yes, investors who suffered losses due to unsuitable recommendations or misrepresentation may be entitled to recover compensation through FINRA arbitration. The process allows investors to pursue claims against brokerage firms and their representatives.
What is FINRA arbitration?
FINRA arbitration is a dispute resolution process administered by the Financial Industry Regulatory Authority. It provides investors with a forum to resolve disputes with brokers and brokerage firms outside of traditional court litigation. The process typically takes 12-16 months and involves presenting evidence before a neutral arbitration panel.
What does “unsuitable investment” mean?
An unsuitable investment occurs when a broker recommends securities that do not align with the investor’s financial situation, risk tolerance, investment objectives, or sophistication level. Brokers have an obligation to ensure that investment recommendations are suitable for each client. Unsuitable investment recommendations are among the most common complaints in securities arbitration.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. BrokerCheck provides detailed information about a broker’s employment history, professional qualifications, and disclosure events including customer complaints, regulatory actions, and arbitrations.
What should I do if I suspect broker misconduct?
First, document all relevant account statements, correspondence, and trade confirmations. Then, file a written complaint with the brokerage firm’s compliance department. If the firm’s response is unsatisfactory, consider filing a complaint with FINRA or consulting with a securities attorney who can evaluate whether you have grounds for a FINRA arbitration claim.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money investing with Gihan Fernando or experienced similar issues with non-traded REIT investments, contact Patil Law, P.C. for a free, confidential consultation. Our experienced securities attorneys can review your case and explain your options for recovery.
Call 800-950-6553 or email info@patillaw.com
No obligation. No upfront fees. We only get paid if we recover money for you.
Disclaimer
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
