Cetera Advisor George Merhoff has been sued for the second time by the securities arbitration law firm of Soreide Law Group. The lawsuit alleges that Merhoff over concentrated the two clients (who are brothers) into Linn Energy and other oil and gas related investments including Pengrowth Energy Corp. The Colorado based advisor had full discretion over the accounts of the two Claimants and it is alleged that the oil and gas related investments in Linn Energy and Pengrowth Corp., were recommended by Merhoff to the Claimants. Linn Energy recently announced that bankruptcy is inevitable.
Cetera Financial is also named for failing to supervise the activity of Merhoff and preventing large concentrated positions in energy investments to be sold to the Claimants. One of the Claimants is full time active military and the other is a full time construction worker. The lawsuit alleges among other claims negligence and breach of fiduciary duty. Since the accounts were managed accounts the level of care owed to the Claimants was that of a fiduciary. The hearing location will most likely be Las Vegas, Nevada and will take approximately 9 to 12 months before the case will be heard before a FINRA arbitration Panel. Cetera Advisor George Merhoff had been sued previously by Soreide Law Group in Colorado for similar recommendations in Linn Energy and other oil and gas related investments such as Pengrowth.
If you or a loved one had a large concentrated position in Linn Energy, Penn Growth Energy or any other oil and gas related investments call (888) 760-6552 for a free consultation. Soreide Law Group handles cases nationwide before FINRA and we work on a contingency fee.
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