In 2018 alone, firms like Cetera settled 83% of claims against registered reps, who as a result, suffered inaccurate disclosure on BrokerCheck profiles. First Allied Securities was part of that contravention.
A case in point was July 2nd 2018 when a Former Arizona-based First Allied Securities broker/adviser was recently discharged from his former employer. In order to validate their false claims of discretionary trading, FAS {First Allied Securities} paid a family member of the advisor they were trying to fire, a cash settlement. It was unsolicited by that person and there was no complaint.
It was intentionally done to make it look like the Arizona-based First Allied Securities broker/adviser had gone rouge when in reality, it was a conflict of interest case within the securities industry itself. In the end, the deceitful and unscrupulous action by Cetera management, tarnished a near perfect industry record for the advisor. It also caused untold damages to his family, until the truth was finally and accurately, fully disclosed.
Six months later the CEO Robert Moore of Cetera the parent company, stepped down amid many other accusations as lawyers crawled over one another to bring cases against brokers and broker-dealers.
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