According to FINRA’s Letter of Acceptance, Waiver, and Consent (“AWC”), No. 2013037346101, Cetera Financial Specialists, L.L.C. consented to a public censure and FINRA fine of $40,000 relating to FINRA’s claims that Cetera Financial failed to issue certain notices to its customers regarding their account information. FINRA specifically alleged:
Cetera failed to issue for 9,816 customer accounts statutorily required 30-day post-account opening investor profile documents, and for an additional four customer accounts, 36-month post-account opening investor profile documents. As a result of the foregoing, Cetera violated Section 17(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 17a-3(a)(17) promulgated thereunder and FINRA Rules 4511(a) and 2010.
Cetera Financial has approximately 1,000 branch locations across the United States and approximately 1,600 registered representatives.
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