ATTENTION INVESTORS! Complaints Filed Concerning Cetera Brokers Todd Banducci, David Martin, Bradley Bowman, Joshua Beitel

Cetera Advisors LLC (CRD#: 10299, Denver, Colorado) and Cetera Investment Services LLC (CRD#: 15340, Saint Cloud, Minnesota) are brokerage firms owned by Cetera Financial Group, Inc. which the Financial Industry Regulatory Authority (“FINRA”) regulates. Brokers of Cetera firms have reported customer-initiated, investment-related disputes. For example, take a look at the customer disputes alleging misconduct by brokers Todd Banducci, David Martin, Bradley Bowman and Joshua Beitel:

April 11, 2016 Arbitration Alleging Todd Banducci’s Negligence, Violation of Idaho Securities Laws

Todd Michael Banducci (CRD#: 2536067, Coeur D’Alene, Idaho) is a broker who Cetera Advisors LLC employed from February 28, 2012 until December 31, 2017. A customer of Cetera Advisors and Pacific West Securities contested his sales practices by filing FINRA Arbitration #16-00890 on April 11, 2016. Notably, the customer claimed that Todd Banducci violated securities laws of the State of Idaho and also violated National Association of Securities Dealers (“NASD”) rules by way of his sales of equipment leasing products and DPP or LP interests. Specifically, the customer claimed Todd Banducci’s negligence caused the customer to suffer losses. As a result, Todd Banducci paid the customer $42,500.00 to resolve the issue. Cetera Advisors LLC ended Todd Banducci’s employment on December 31, 2017. Subsequently, he joined Ameritas Investment Corp in Coeur D’Alene, Idaho.

April 17, 2017 Arbitration Alleging David Martin’s Misrepresentation Of DPP or LP Interests

 
David Theodore Martin (CRD#: 5899999, Overland Park, Kansas) is a general securities representative and investment adviser representative of Cetera Advisors LLC. David Martin shows on his FINRA BrokerCheck Report that a Cetera Advisors LLC customer took aim at his sales practices on April 17, 2017 in FINRA Arbitration #17-00842. First, the customer claimed that David Martin misrepresented features or risks of DPP or LP interests. Second, David Martin allegedly breached a fiduciary duty that was owed to the customer. Third, the customer claimed that David Martin was negligent in arranging the customer’s purchases of DPP or LP interests. Finally, the broker allegedly violated securities regulations of the State of Kansas. Because of this, Cetera Advisors LLC opted to settle the customer’s claims by paying the customer $15,000.00. However, the firm did not admit to liability. Evidently, David Martin joined Cetera Advisors LLC on July 8, 2011.

January 16, 2018 Arbitration Claim Concerning Bradley Bowman’s Alleged Failure To Prevent Losses

 
Bradley Alan Bowman (CRD#: 2898756, Spring, Texas) is a prior Cetera Investment Services general securities representative. According to Bradley Bowman’s FINRA BrokerCheck Report, a customer lodged a dispute about the broker. Specifically, the customer filed a FINRA Arbitration #18-00177 on January 16, 2018. Mainly, the customer claimed that Bradley Bowman did not do anything to stop the customer from incurring serious losses on the customer’s corporate debt investments. Apparently, the customer’s portfolio collapsed due to the inaction on Bradley Bowman’s part. All things considered, Cetera Investment Services LLC agreed on November 30, 2018 to pay the customer $25,000.00 to resolve the matter. Cetera disaffiliated with Bradley Bowman on October 10, 2016. Afterwards, he became a securities representative of LPL Financial LLC.

April 24, 2018 Complaint Alleging Joshua Beitel’s Omissions Of Tax Consequences

 
Joshua Jon Beitel (CRD#: 5911459, Traverse City, Michigan) is a former Cetera Investment Services LLC securities representative. Evidently, he worked out of the firm’s Traverse, City Michigan offices from July 30, 2015 to June 4, 2018. The firm disclosed that on April 24, 2018, a customer complained about Joshua Beitel’s activities. Allegedly, Joshua Beitel failed to disclose to the customer that there would be tax consequences for liquidating the customer’s investment account. Consequently, the customer supposedly suffered a serious tax hit upon selling corporate debt and stock investments. Accordingly, Cetera Investment Services LLC agreed to settle the customer’s omissions claim by paying the customer $37,500.00. Evidently, Joshua Beitel personally contributed towards to the June 4, 2018 settlement. As it turns out, Cetera Investment Services LLC terminated Joshua Beitel’s employment June 4, 2018. Later, he joined Cambridge Investment Research.
Have you experienced losses by investing with Todd Banducci, David Martin, Bradley Bowman or Joshua Beitel? If so, contact Soreide Law Group at (888) 760-6552. Speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to broker and advisory misconduct.