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

Return to Archive

TESTIMONIALS

Previous
Next

Hiring Eccleston Law has been one of the best career decisions I have made and this "investment" to maintain my sterling regulatory record has been returned many times over.  If you are in a situation where you've been unfairly accused, don't hesitate to talk with Eccleston Law. They are the best.

Thomas C.

LATEST NEWS AND ARTICLES

July 17, 2025
Former LPL Advisor Suspended for Beneficiary Designation Violations

A former LPL Financial advisor has agreed to an eight-month suspension and a $5,000 fine after the Financial Industry Regulatory Authority (FINRA) found he improperly named his immediate family members as beneficiaries on a client’s accounts without firm approval.

July 16, 2025
Former CFA Institute Executive Charged in $5 Million Embezzlement Scheme

Michael J. Collins, the former chief marketing officer of the CFA Institute, has been accused of embezzling nearly $5 million from the financial education organization through a long-running fraud scheme designed to fund a lavish personal lifestyle.

July 15, 2025
Former Advisor Sues Prime Capital Again Over Unpaid Equity Redemption

A former San Diego-based advisor has filed a second lawsuit against Prime Capital Financial, alleging breach of contract after the firm failed to honor agreed-upon terms related to his equity buyout.