Cetera Advisors Clients Take Issue With Securities Broker Dan McPherson’s Sales Practices

Important information is reported on Financial Industry Regulatory Authority (FINRA) as it relates to securities broker Daniel George McPherson (“Dan McPherson”) (CRD#: 4964802, Idaho Falls, Idaho). Specifically, three investors filed disputes about the securities broker, who worked for Cetera Advisors LLC (2012 to 2018) and previously worked for Parkland Securities (formerly known as Sammons Securities). Let’s take a closer look at these investor disputes.

Cetera Advisors Client Alleges Unsuitable Investment Recommendations By Dan McPherson

First of all, a client of Cetera Advisors took issue with Dan McPherson’s investment recommendations. In the July 2020 FINRA Arbitration Claim, the client alleged unsuitable advice concerning a variable annuity, real estate security, and private placements. Supposedly, the client lost money or experienced damages by following McPherson’s advice at Cetera Advisors. For this reason, Cetera Advisors agreed to compensate the client in the amount of $57,500 in August 2021.

Cetera Advisors Client Alleges Unsuitable Fixed Annuity By McPherson

Secondly, a Cetera Advisors client disputed Dan McPherson’s sale of a fixed annuity. Supposedly, in this March 2016 dispute, the client invested in an unsuitable fixed annuity because of McPherson. He purportedly caused the client to face $40,151.51 in damages. However, Cetera Advisors denied the complaint.

Sammons Securities Company Client Accuses Dan McPherson Of Misrepresentation

Notably, a client of Sammons Securities Company came forward with a dispute about Dan McPherson’s sale of alternative investments. This included investments in equipment leasing securities, tenant-in-common products, and oil and gas securities. It appears that McPherson provided bad investment advice to the client on those products. Evidently, Sammons Securities Company opted to settle this FINRA Arbitration Claim by making a $1,000,000 payment to them in April 2015.

Did You Suffer Losses Through McPherson?

Did Dan McPherson cause you to experience investment losses or other damages? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered significant compensation for investors in the US who incurred losses because of their financial advisors and securities brokers. Please note that McPherson denies all allegations of his sales practice violations.

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