Cetera Advisors Network Cited By FINRA: How Investors Can Benefit

Recently, Cetera Advisors Network entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) saying that its advisers sold higher-cost mutual fund shares to retirement plans and charitable organizations instead of lower-cost versions for which those customers were eligible. According to the AWC, between July 1, 2009 and January 1, 2017, Cetera “failed to establish and maintain a supervisory system and procedures reasonably designed to ensure that eligible customers who purchased mutual fund shares received the benefit of applicable sales charge waivers. Cetera failed to apply the waivers to mutual fund purchases made by eligible customers and instead sold them Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses. These sales disadvantaged eligible customers by causing such customers to pay higher fees than they were actually required to pay,” according to the AWC. Please call 312-332-4200 today if you lost money with Cetera Advisors Network to find out how you may be able to recover your losses.