Clients of George Merhoff & Cetera Advisors may have Recovery Options
Are you concerned about investment losses with George Merhoff, Jr. and Cetera Advisors? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Dispute Resolution claim.
The White Law Group continues to investigate potential securities fraud claims regarding the liability that Cetera may have for losses sustained by Merhoff’s clients.
In August 2017, Oregon’s Division of Financial Regulation (DFR) alleged violation of “unfair” conduct and failure to supervise against Cetera Advisors, LLC and Merhoff.
According to Merhoff’s broker report, “DFR assessed a $70,000 civil penalty; $35,000 was collected near the time the Final Order became effective. The remainder will not be collected upon provided the voluntary heightened supervision is maintained. The Penalty was joint and several between Cetera Advisors LLC and George Merhoff.”
Cetera Advisors has reportedly had numerous lawsuits filed against them for more than $5 million in damages accusing Merhoff of over-concentrating their portfolios in unsuitable, high risk alternative energy investments, such as Linn Energy.
According to Merhoff’s FINRA broker report, he has 25 customer complaints against him, with 5 still pending. Allegations include charges of unsuitability, negligence, breach of fiduciary duty, and breach of contract, among others.
Last month Merhoff was reportedly fired for “violating firm’ s policies and procedures by making undisclosed payments to a customer of the firm.”
Brokerage firms are required to supervise their advisors to ensure that they are complying with FINRA rules. If it can be determined that Merhoff violated FINRA rules and his employers failed to adequately supervise him, the firm can be held responsible for any resulting losses in a FINRA arbitration claim.
For a free consultation with a securities attorney, please call The White Law Group at 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group and its representation of investors in FINRA arbitration claims, visit https://www.whitesecuritieslaw.com.