Investigation into misrepresentation of structured notes claims against Cetera

Apparently Cetera, where Mr. Sosa has maintained his Financial Industry Regulatory Authority (FINRA) securities licenses since February 2023, approved the sale of the (Auto Callable) structured notes to clients. Under FINRA and Securities & Exchange Commission (SEC) rules, as well as individual state securities laws, registered representatives have the legal and regulatory obligation to only recommend investments that are both appropriate and suitable for their clients. They are also required to disclose all the features and risk associated with the recommended investment(s) and are charged with fully vetting the investments to ensure they are in fact appropriate. A failure to perform proper due diligence or misrepresenting the investment(s) at the time of the recommendation is actionable and damages may be awarded upon the finding of liability on the part of the broker and/or firm.  Additionally, Cetera, as the employing brokerage firm, has a legal and regulatory obligation to supervise their agent’s sales practices and dealings with their mutual clients. The firm also has a duty to conduct adequate due diligence on those investments before allowing them to be offered to their customers.  To the extent that any of these duties are neglected or breached, the injured clients may be entitled to a monetary recovery of his or her investment losses.

As of this writing, Mr. Sosa’s BrokerCheck Report (CRD #2447013) reflects ten (10) customer disputes with several alleging the misrepresentation of structured products.   If you have purchased structured notes other alternative investment products from Mr. Sosa or Cetera Investment Services, LLC, please contact our offices for a free case evaluation. Ther is no fee or cost unless there is a recovery. Thank you.