Cetera Financial Specialists Consents to FINRA Fine Regarding Investor Profile Documents

By May 6, 2016 September 20th, 2017 News

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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