Cetera Financial Specialists Settles with FINRA Regarding  Failure to Supervise Alex P. Anderson

We are currently investigating allegations made against Cetera Financial Specialists, LLC, a Schaumburg, Illinois-based securities brokerage firm.  FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Cetera Financial Specialists, making allegations that it failed to supervise outside business activities of its representatives, including those acting as power-of-attorney for customers.

In particular, FINRA brought up allegations regarding Alex P. Anderson, a former representative located in Springfield, Ohio.  Anderson was alleged to have become power-of-attorney to two elderly customers, and he disclosed this relationship to Cetera Financial Specialists.  Anderson misused at least $75,000 of the customers’ money and was barred from the securities industry by FINRA.  Despite internal procedures of Cetera which stated that representatives could not act in this capacity for non-family members, the firm failed to adequately review Anderson’s disclosures.  To settle these allegations, Cetera Financial Specialists agreed to pay a $200,000 fine.

Alex P. Anderson was a representative of Cetera Financial Specialists from June 2004 to December 2014.  He worked at a branch office in Springfield, Ohio.

Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington.  We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio.  Our attorneys have represented over one thousand investors against many brokerage firms in the past.

If you lost money with Alex Anderson or Cetera Financial Specialists, please CONTACT US at 720-599-3505 for a free evaluation of your case.

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.