Soreide Law Group has filed a FINRA arbitration on behalf of our client (Claimant) against:
CETERA INVESTMENT SERVICES LLC(Respondent)
The Claimant lives in South Carolina and is in her 60s. The Claimant maintained investment accounts with Cetera and its Financial Advisor, AUSTIN H FOX. The lawsuit alleges that the Claimant was introduced to Cetera’s former Financial Advisor, AUSTIN H FOX, by Regions Bank. Fox allegedly maintained an office within a Regions Bank branch office. According to the lawsuit, the Claimant advised AUSTIN H FOX that she needed safe income investments. However, the lawsuit alleges, Fox chose high-risk income investments such as master limited partnerships (MLPs).
According to the lawsuit, Fox failed to disclose that there could be adverse tax consequences and significant market risk for the MLP recommendations. Unfortunately, the Claimant learned about AUSTIN H FOX‘s alleged omissions when she suffered tax consequences and investment losses totaling approximately $40,000.00.
The Respondent’s actions in this case constitute negligence, breach of fiduciary duty, and failure to supervise. It is anticipated that the Respondent will deny all allegations. Austin Fox is not named in this lawsuit.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, AUSTIN H FOX, was barred by FINRA in 2022 for failure to respond to FINRA requests for information. Fox was previously registered both as a broker and as an investment advisor. Fox was registered in the securities industry for 22 years and was listed with 5 firms. Austin Fox has 3 disclosures on his FINRA CRD report.
Fox was with CETERA INVESTMENT SERVICES LLC in Acworth, Georgia, from 03/03/2016 to 05/05/2021.
If you’ve suffered financial losses due to the actions or recommendations of CETERA INVESTMENT SERVICES LLC, and/or their former registered representative, AUSTIN H FOX, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, so fee to you if no recovery.
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