According to a recent article in InvestmentNews, the Financial Industry Regulatory Authority (FINRA) says barred a former broker from Cetera Advisors of Avon, Connecticut, Marianne O’Shee Smith, for allegedly using client checks totaling $45,100 to buy mutual fund shares for someone from her own family.
The clients, according to InvestmentNews, all senior citizens, allegedly directed Smith to use the checks to fund their mutual fund investments. According to FINRA, she instead used the checks, without the clients’ knowledge or consent, to purchase mutual fund shares for a family member.
It was reported to FINRA that last June, Marianne O’Shee Smith, was discharged by Cetera Advisors in connection with the firm’s investigation into her depositing of client checks into accounts of a third party. This was according to the FINRA settlement, which Smith agreed to without admitting or denying FINRA’s findings.
The InvestmentNews article states that according to FINRA, from January of 2018 to February of 2021, three Cetera Advisors clients gave Marianne O’Shee Smith 10 checks totaling $45,100 that were payable to a mutual fund company affiliated with the firm. The clients, according to FINRA, all of whom were senior citizens, allegedly directed Smith to use the checks to fund their mutual fund investments. Instead Smith allegedly used the checks, without the clients’ knowledge or consent, to purchase mutual fund shares for a family member. FINRA noted that the clients were all reimbursed by the firm.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Marianne O’Shee Smith, was in the securities industry for 34 years and currently has 3 disclosures on her FINRA CRD report.
Marianne O’Shee Smith had been listed with 7 firms, the most recent listed below:
10/03/2016 - 06/11/2021 CETERA ADVISORS LLC - AVON, CT
If you or an elderly loved one have experienced financial losses due to the actions or recommendations of the former Cetera Advisors of Avon, Connecticut, broker, Marianne O’Shee Smith, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, no fee to you if no recovery, and we represent our clients nationwide before FINRA.
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