Broker George Merhoff, Jr., Cetera Advisors, Klamath Falls, Oregon
Cetera Advisor has 42 Customer Complaints
The White Law Group continues to investigate potential securities fraud claims involving George Merhoff, Jr. and the liability his former employer Cetera Advisors may have for failure to properly supervise him. The firm has represented numerous investors in lawsuits against Cetera regarding its alleged failure to supervise George Merhoff, Jr.
- In May 2018 we told you in a previous post that Cetera Advisors was facing more than $5 million in damages after clients began filing arbitration claims in 2016 accusing Merhoff of over-concentrating their portfolios in energy stocks such as LINN Energy.
- On June 14, 2019, the Financial Industry Regulatory Authority (FINRA) reportedly barred Merhoff from associating with any FINRA member at any time.
- On April 19, 2019, FINRA staff reportedly sent Merhoff a letter requesting documents and information, in connection with FINRA’s review of Merhoff’s issuance of consolidated account reports to customers and his making of undisclosed payments to customers. However, Merhoff allegedly did not provide the documents and information. Instead, Merhoff’s lawyer reportedly contacted FINRA staff and stated that Merhoff would not respond to the request. Consequently, he has been permanently barred from working in the securities industry.
- On April 3, 2019, Cetera Advisors reportedly discharged Merhoff for “violating firms policies and procedures by making undisclosed payments to a customer of the firm,” according to his broker profile.
As of today, Merhoff has 42 customer complaints indicated by his broker report.
Recovery of Investment Losses with George Merhoff, Jr.
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 have suffered losses investing with George Merhoff, Jr. and Cetera Advisors, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.