Attention Victims of Former Cetera Advisors LLC Broker Walter Allen
Posted on Thursday, September 9th, 2021 at 12:05 am
Were you the victim of former Cetera Advisors LLC broker Walter Allen (CRD# 1344149)? Allen was registered with Cetera Advisors LLC in Suffield, Connecticut from 2016 to 2020, when he was terminated regarding “the advisor was terminated after the firm discovered the advisor executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures.”
Allen was also terminated from Ryan Beck & Co. in 2003 regarding “firm conducted internal review regarding violation of firm’s conflict of interest policy in it’s code of conduct and policy regarding the handling of a client’s account upon death, without appropriate testamentary instructions and documentation.”
In August 2021, FINRA barred Allen after he “consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The finding stated that Allen’s member firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating that he had executed trades in non-discretionary accounts without written client authorization in violation of the firm’s policies and procedures.”
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 Allen’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.