The White Law Group is Investigating Potential Claims
Did you lose money investing with George Merhoff and Cetera Advisors? If so, attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration claim against the brokerage firm.
Cetera Advisors is facing more than $5 million in damages after clients began filing arbitration claims last summer accusing advisor George Merhoff, Jr. (Klamath Falls, Oregon) of over-concentrating their portfolios in energy stocks such as LINN Energy, that bombed when oil prices fell, according to FINRA.
Merhoff now has a total of thirteen customer complaints where clients claim they have suffered up to $4.6 million in damages, according to his FINRA BrokerCheck report. Allegations include over-concentrating their portfolios in unsuitable, high risk alternative energy investments, such as Linn Energy.
Clients are seeking damages against both Merhoff and Cetera, which they accuse of negligent supervision and breach of fiduciary duty.
The White Law Group continues to investigate potential claims against Cetera Advisors and George Merhoff.
Failure to Supervise Advisor George Merhoff
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered. Furthermore, brokers are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with George Merhoff and Cetera Advisors, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.