SEC Obtains Final Judgement Against Cetera Advisors Over Fraud

Posted on November 4th, 2022 at 1:40 PM
SEC Obtains Final Judgement Against Cetera Advisors Over Fraud

From the Desk of Jim Eccleston at Eccleston Law.

The Securities and Exchange Commission (SEC) has obtained a final judgement against Cetera Advisors and Cetera Advisor Networks.

The SEC previously charged Cetera’s entities with defrauding their clients by failing to disclose several sources of compensation. According to the SEC’s complaint, which was filed in the United States District Court for the District of Colorado, Cetera breached their fiduciary duty to clients by failing to disclose conflicts of interest tied to Cetera’s receipt of compensation, including 12b-1 fees, revenue sharing, and mark-ups.

Cetera Advisors and Cetera Advisor Networks have each been ordered to pay disgorgement of $5,614,509 and a civil penalty of $1 million, according to the order.

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, sec

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