Cetera broker-dealers will pay $3.2 million in restitution to retirement plan and charitable organization clients under the firm’s latest settlements with FINRA over sales fees on mutual funds. The broker-dealers hit clients with unnecessary fees over the past eight years by not using the available waivers, according to FINRA.

Cetera Investment Services will pay $1.4 million in restitution to clients, while Cetera Financial Specialists will pay $572,000. First Allied and Summit Brokerage Services, respectively, will pay $877,000 and $357,000. Girard Securities will pay $103,000.

Investors Have the Right to Recover Their Losses

When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered loses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.

Can I recover my investment losses?

If you have questions about investments you made with Cetera Investment Services, Cetera Financial Specialists, First Allied, Summit Brokerage Services, respectively, Girard Securities or any other Cetera brokerage firms, the securities attorneys of Furgison Law Group may be able to help you. To speak with a securities attorney please call (310) 356-6890.

Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies, and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that may require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.