Articles Tagged with Cetera Advisor Networks

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Former Cetera Advisor Networks broker Mark Koehler has been barred by the Financial Industry Regulatory Authority (FINRA) for refusing to produce information and documents requested by FINRA in connection with an investigation into unsuitable trading in a senior customer’s accounts, including short-term mutual fund switching and excessive trading.

FINRA began an investigation in April 2014, upon receipt of a tip that Mark Charles Koehler, of Chadds Ford, Pennsylvania, had engaged in unsuitable trading in the accounts of a senior customer.  In the course of its investigation, FINRA reviewed trading in other of Mr. Koehler’s customer accounts and sought to investigate the following:  whether Mr. Koehler engaged in unsuitable short-term mutual fund switching and excessive trading; whether he placed undue influence on a customer before her death; and whether Mr. Koehler failed to disclose his status as beneficiary in the same customer’s will. Continue reading →

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Cetera Advisor Networks has agreed to pay more than $1.9 million in restitution to customers who were overcharged in certain mutual fund purchases.  According to the Financial Industry Regulatory Authority (FINRA), between July 1, 2009 and January 1, 2017, Cetera Advisor Networks disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares of certain mutual funds without a front-end sales charge.  The customers were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.  Continue reading →