Cetera Faces Customer Claims Alleging Sales Practice Violations

Steven Franklin Brandt (CRD#: 2323730, Alexandria, Virginia) was a registered representative of Cetera Advisors LLC from January 1, 2004 and July 26, 2016. Brandt disclosed on FINRA BrokerCheck that his activities have resulted in a customer filing a Financial Industry Regulatory Authority (“FINRA”) Arbitration Case #18-02210 on June 13, 2018. Apparently, the Cetera Advisors LLC customer alleged that Brandt made unsuitable investment transactions in the customer’s account. In addition, the customer claimed there were violations of State of Maryland rules and FINRA rules in connection with the customer’s direct participation or limited partnership interests transactions. Further, the customer alleged a breach of contract. As a consequence, the customer claims $50,000.00 in damages. The arbitration is still pending a resolution. Brandt was later employed by LPL Financial LLC (July 25, 2016 to December 5, 2017) and has worked for The Strategic Financial Alliance, Inc. since December 1, 2017.

Cetera Customers Claim Misrepresentation

Rebecca King Wah Ng-Tsang (CRD#: 5578435, Bellevue, Washington) has been a registered representative of Cetera Investment Services LLC since January 3, 2013. On FINRA BrokerCheck, Ng-Tsang has disclosed that one of her customers filed an investment-related complaint on December 26, 2017 alleging misrepresentation. The customer maintained that there were false representations made to the customer about real estate investment trust (“REIT”) investments that had been purchased by the customer. FINRA BrokerCheck records show that on March 22, 2018, Cetera Investment Services LLC and the customer agreed for the customer to be paid $22,955.72 in damages to settle the customer’s complaint. Ng-Tsang has previously been employed by LPL Financial (October 11, 2011 to January 2, 2013) and UVest Financial Services Group, Inc. (November 9, 2010 to October 11, 2011).
Regina Elizabeth Losardo (CRD#: 1033811, Woodbury, New York) has been a Cetera Advisor Networks LLC registered representative since September 3, 2013. As reported on FINRA BrokerCheck, on September 18, 2017, a Cetera Advisors Networks LLC customer brought an investment-related complaint in regards to Losardo’s alleged bad sales practices. The Cetera customer claimed that a variable annuity purchased by the customer had been misrepresented. In addition to the customer’s claim against Cetera of misrepresentation, the customer contended that the variable annuity was not a suitable investment, and that the customer ought to be able to surrender the policy. A total of $35,500.00 in damages has been demanded by the customer as a result of the alleged unsuitability and misrepresentation.

Investors who have incurred losses from Cetera brokers Steven Franklin Brandt, Rebecca King Wah Ng-Tsang, and Regina Elizabeth Losardo are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs.