Concerned about George Merhoff Losses?
Have you suffered losses investing with financial advisor George Merhoff, Jr. and Cetera Advisors? If so the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA Arbitration Claim.
The White Law Group continues to investigate potential claims involving George Merhoff losses and the liability his employer, Cetera Advisors, may have for failing to properly supervise him.
As we told you last May, Cetera Advisors was facing more than $5 million in damages after clients began filing arbitration claims in 2016 accusing advisor George Merhoff (Klamath Falls, Oregon) of over-concentrating their portfolios in energy stocks such as LINN Energy.
In August, according to Merhoff’s FINRA BrokerCheck Report, Oregon Department Consumer and Business Services, Division of Financial Regulation (DFR) sanctioned Merhoff and Cetera alleging violation of “unfair” conduct and failure to supervise. Cetera Advisors, LLC and Merhoff neither admitted nor denied the allegations.
According to FINRA, “DFR assessed a $70,000 civil penalty; $35,000 was collected near the time the Final Order became effective. The remainder will not be collected upon provided the voluntary heightened supervision is maintained. The Penalty was joint and several between Cetera Advisors LLC and George Merhoff.”
Update on April 15, 2019
According to his FINRA BrokerCheck report, Cetera Advisors discharged Merhoff on April 3, 2019 for “violating firms policies and procedures by making undisclosed payments to a customer of the firm.”
Failure to Supervise
Brokers and financial advisors are prohibited from engaging in underhanded businesses practice, like churning or unauthorized trading, that violate securities laws and regulations. They 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.
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 are concerned about George Merhoff losses, 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.WhiteSecuritiesLaw.com.