Tampa, FL | December 16, 2024 – Roger Philip Turcotte (CRD# 1180997), a financial advisor registered with Cetera Investment Services LLC and Cetera Investment Advisers LLC in Tampa, Florida, has one regulatory action and one customer complaint on his FINRA BrokerCheck record. The regulatory action involves mismarking order tickets to circumvent firm restrictions on recommending low-priced OTC securities, resulting in a two-month suspension and $10,000 fine. This report provides factual information from publicly available FINRA records to help investors make informed decisions.
BrokerCheck Snapshot
Name: Roger Philip Turcotte
CRD #: 1180997
Firm: Cetera Investment Services LLC / Cetera Investment Advisers LLC
Location: Tampa, FL
Years in Industry: 42
Number of Disclosures: 2 (1 regulatory event, 1 customer dispute)
FINRA Regulatory Action Against Roger Turcotte
On September 3, 2024, FINRA sanctioned Roger Turcotte for causing his member firm to maintain inaccurate books and records (Case No. 2021069332001). According to the order, Turcotte mismarked order tickets as “unsolicited” for equity transactions that he actually recommended to his customers.
Regulatory Action Details:
The findings stated that four of the transactions Turcotte mismarked as unsolicited involved solicited purchases of low-priced over-the-counter (OTC) securities. However, Cetera Investment Services LLC prohibited its representatives from recommending such securities to their customers. Had Turcotte marked these transactions accurately as solicited, they would have been cancelled by the firm’s compliance department.
By mismarking these transactions, Turcotte circumvented his firm’s internal controls and received $3,696.97 in commissions that he would not have otherwise earned. This represented a violation of firm policy designed to protect customers from potentially unsuitable low-priced securities.
Sanctions Imposed:
Without admitting or denying the findings, Turcotte consented to the following sanctions:
- Two-month suspension from all capacities (October 7, 2024 – December 6, 2024)
- $10,000 fine (paid October 10, 2024)
- Disgorgement of $3,696.97 in commissions plus interest (paid October 10, 2024)
The order became final on September 3, 2024. This type of broker misconduct raises concerns about whether proper supervisory controls were followed and whether customer investments were appropriate.
Customer Complaint Against Roger Turcotte
Turcotte’s BrokerCheck record contains one customer complaint filed on July 28, 2025, while he was employed at Cetera Investment Services LLC. The complaint alleged unauthorized trading involving equity listed securities.
Complaint Details:
- Date Filed: July 28, 2025
- Firm: Cetera Investment Services LLC
- Allegations: Unauthorized trading
- Product Type: Equity Listed (Common & Preferred Stock)
- Alleged Damages: $5,000 or more
- Status: Closed/No Action on August 12, 2025
- Settlement Amount: $0.00
The complaint was closed with no action taken, meaning no settlement was paid and no finding of wrongdoing was made. However, the presence of this complaint combined with the regulatory action suggests a pattern that warrants investor attention.
Pattern of Compliance Issues
While the customer complaint was denied, the regulatory action reveals substantive concerns about order ticket mismarking and circumventing firm restrictions. When a broker intentionally mismarks order tickets to avoid firm compliance systems, it raises questions about whether customer interests are being prioritized appropriately.
Low-priced OTC securities often carry higher risks and may not be suitable investments for all customers. Brokerage firms implement restrictions on these products specifically to protect investors. Attempts to circumvent these protections through mismarking represent a serious compliance violation.
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 allows investors to present evidence of misconduct and seek compensation for losses resulting from broker violations.
Related Brokers and Firms
For more information about advisors with similar disclosure patterns, visit our hub page for Cetera Investment Services complaints.
Additional resources:
Frequently Asked Questions
What is the complaint against Roger Turcotte?
Turcotte was sanctioned by FINRA for mismarking order tickets to circumvent firm restrictions on recommending low-priced OTC securities. He received a two-month suspension, was fined $10,000, and was required to disgorge $3,696.97 in commissions. Additionally, one customer complaint alleged unauthorized trading, though that complaint was closed without action.
Can investors recover losses involving Cetera Investment Services?
Yes, investors who suffered losses due to unsuitable recommendations, unauthorized trading, or other forms of misconduct may be entitled to recover compensation through FINRA arbitration. Brokerage firms can be held liable for the actions of their registered 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 due to investments recommended by Roger Turcotte or experienced similar issues involving mismarked order tickets or unsuitable low-priced securities, 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.
