7
Nov

DAVID SNAVELY of Cetera Advisors FINED $15,000

Losses with Michael Archimede of PFS Investments in Waukesha, WI

 David Snavely, Formerly of Cetera Advisors, Fined $15,000 by Washington

DES MOINES, WASHINGTON

 Our law firm is looking into allegations made against David Snavely, formerly with Cetera Advisors in Des Moines, Washington, by the Washington Department of Financial Institutions.

According to the Consent Order entered into by Washington and Snavely, he was alleged to have made unsuitable recommendations to exchange or surrender variable annuities, some of which were for investors aged 61 to 80.  Snavely made about $373,862 in commissions from these recommendations.  Washington alleged that the recommendations to exchange the variable annuities were unsuitable due to the costs associated with those exchanges.

As part of this Consent Order, “David Snavely shall not make application for, nor be granted, any investment adviser, investment adviser representative, broker-dealer, or securities salesperson registration for a period of two years, such period having been completed on April 28, 2022 and prior to the entry of this Consent Order”. He also agreed to pay a $15,000 fine and $1,000 costs.   Snavely neither admitted nor denied the allegations of the Consent Order.

In March 2020, Snavely was discharged by Cetera Advisors, regarding these allegations.

David Snavely was with Cetera Advisors from April 2011 to March 2020.  He’s also been affiliated with International Assets Advisory and TCFG Wealth Management.  He worked in an office in Des Moines, Washington.

Cetera Advisors had an obligation to adequately monitor Snavely and his recommendations to exchange the variable annuities.  If Cetera Advisors inadequately supervised these transactions, it could be liable to investors for any harm.

View Snavely, David BrokerCheck 10.25.22

View Snavely, David Washington Order

Israels & Neuman PLC has offices in Seattle, Washington; Denver; and Phoenix.  Attorney David Neuman is licensed to practice law in Washington, including the U.S. District Court for the Western District of Washington.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Cetera Advisors.

If you made annuity exchanges or purchases with David Snavely or Cetera Advisors, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.