Former Cetera Advisor Networks LLC Financial Advisor Mark Koehler Accused of Unsuitable Trades in Senior Customer Accounts
Posted on Saturday, September 16th, 2017 at 1:54 pm
Erez Law is currently investigating former Cetera Advisor Networks LLC financial advisor Mark Koehler (CRD# 2873947) regarding unsuitable trades in senior customer accounts. Koehler was registered with Kovack Securities Inc.in Chadds Ford, Pennsylvania from March 2015 to June 2017. Previously, he was registered with Cetera Advisor Networks LLC in Chadds Ford, Pennsylvania from 2006 to 2015 before he was terminated regarding, “Representative terminated for accepting blank, signed forms from customers in violation of firm policy, short term trading in mutual funds and other customer account trading activity under firm review.”
In June 2017, FINRA has barred Koehler from acting as a broker or otherwise associating with firms that sell securities to the public after he refused to produce information and documents during a FINRA investigation alleging that he engaged in unsuitable trades in the account of a senior customer. The investigation also included a second customer and her senior customer parents and whether Koehler engaged in unsuitable trading, including short-term mutual fund switching and excessive trading in customer accounts, placed undue influence on the second customer before her death, and failed to disclose his status as a named beneficiary in the second customer’s will to his member firm.
Koehler has been the subject of three customer complaints between 2003 and 2010, one of which was denied, according to his CRD report:
March 2010. “Client alleges represenative (sp) told him he would get his entire principal back at maturity.” The case was settled for $31,975.56.
September 2003. “Allegations: unauthorized trading with a claim for the return of commissions estimated to be between $15,000 and $20,000.” The customer sought $15,000 in damages and the case was settled for $9,125.26.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Advisor Networks LLC may be liable for investment or other losses suffered by Koehler’s customers.
Erez Law represents investors in the United States for claims against former Cetera Advisor Networks LLC financial advisor Mark Koehler, who is alleged to engage in unsuitable trades in senior customers accounts. If you were a client of Cetera Advisor Networks LLC or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.