Investigation of Former Cetera Advisors LLC Broker James McKinney
Posted on Tuesday, September 15th, 2020 at 6:52 pm
Erez Law is currently investigating former Cetera Advisors LLC broker James McKinney (CRD# 2100850) who suffered investment losses. McKinney was registered with Cetera Advisors LLC in Tulsa, Oklahoma from 2012 to 2019.
In March 2020, FINRA barred McKinney after he was named in a “FINRA complaint alleging that he failed to comply with FINRA requests for information, documents and on-the-record testimony in connection with an investigation of him for possible violations of FINRA rules.” The complaint was regarding undisclosed private securities transactions.
McKinney has been the subject of five customer complaints between 2005 and 2020, three of which were denied, according to his CRD report:
March 2020. “Client alleges that RR misrepresented REIT investments and made securities recommendations to generate commissions from 2013 through 2019.” The customer is seeking $29,593 in damages and the case is currently pending. The complaint was regarding equity OTC and real estate securities.
March 2020. “Violation of common law fraud, breach of fiduciary duty, and negligence.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint was regarding direct investments.
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 Advisors LLC may be liable for investment or other losses suffered by McKinney’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.