Business ProfileforCetera Advisor Networks LLC
Current Alerts For This Business
August 30, 2021 The following describes a cease and desist order that has been formally brought by a government agency. The Security and Exchange Commission, alleges and charges as follows:
The Securities and Exchange Commission filed an amended complaint on October 11, 2019 adding Cetera Advisor Networks LLC, a registered investment adviser and broker-dealer, as a defendant in its previously filed action against Cetera Advisors, LLC for defrauding retail advisory clients. The addition of Cetera Advisor Networks to the SEC's action brings defendants' total alleged unlawful gains that the SEC seeks to recover to over $21 million.
According to the SEC's amended complaint, filed in the U.S. District Court for the District of Colorado, Cetera Advisor Networks breached its fiduciary duty and defrauded retail advisory clients by, among other things, failing to disclose conflicts of interest related to the firm's receipt of undisclosed compensation in the form of 12b-1 fees, revenue sharing, administrative fees, and mark-ups. The SEC's initial complaint against Cetera Advisors LLC, filed in federal court in Colorado in August, charged Cetera Advisors LLC with similarly failing to adequately disclose to its advisory clients unlawful practices concerning undisclosed compensation and the conflicts of interest associated with them.
To access the full Security and Exchange Commission press release, please visit:
https://www.sec.gov/litigation/admin/2021/34-92800.pdf
https://www.sec.gov/litigation/litreleases/2019/lr24643.htm
At-a-glance
Related Categories
Business Details
- Location of This Business
- 200 N Pacific Coast Hwy, El Segundo, CA 90245-5605
- BBB File Opened:
- 7/22/2019
- Number of Employees:
- 1
- Additional Contact Information
Fax Numbers
- (310) 784-1164Primary Fax
- (310) 784-1164
Customer Complaints
0 Customer Complaints
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