Cetera Investment Services Tag Archives

Cetera Investment Services Named in Chinese Couple’s 7-Figure Beechwood Bermuda Claim

Published on: June 2, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Cetera Investment Services Broker Xinxin Lu May Have Overconcentrated Couple’s Account in Obscure, Offshore Investment

Our seasoned securities lawyers have filed a Financial Industry Regulatory Authority (FINRA) arbitration case against Cetera Investment Services on behalf of two Chinese investors. These investors seek up to $5M in damages for losses they sustained in Beechwood Bermuda. The claimants, an older couple who have health issues, worked with former Cetera broker Xinxin Lu (also known as Stella Lu).

Beechwood Bermuda (formerly known as PB Life) is a division of Northstar Financial Services (Bermuda). Both are offshore entities that are now defunct and were owned by billionaire Greg Lindberg. He is now in prison for bribery and wire fraud.

Claimant Says Cetera Investment Services Unsuitably Recommended NorthStar Healthcare Income, Healthcare Trust, and Griffin Realty Trust

Published on: May 17, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Cetera Investment Services Broker Chang Vung Named in Six-Figure Non-Traded REIT Claim

A self-employed New York investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Cetera Investment Services and its broker Chang Jen Vung. The claimant sustained losses in non-traded real estate investment trusts.

The claimant is pursuing up to $500K in damages and contends that Vung used their shared cultural affinity when recommending that he concentrate his portfolio on high commission, illiquid products. These products included Healthcare Trust Inc., Griffin Realty Trust, and NorthStar Healthcare Income REIT.

Beechwood Bermuda Investor Seeks Up to $500K From Cetera and Broker Leo Li-Yuan Chien

Published on: March 28, 2022 | by Shepherd Smith Edwards & Kantas, LLP

Beechwood Bermuda Investor Was Unsuitably Recommended Non-Traded REIT Healthcare Trust

Another Chinese investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Cetera Investment Services over losses suffered in Beechwood Bermuda (a Northstar Financial Services (Bermuda)-related product).

This investor also suffered investment losses in the non-traded real estate investment trust, Healthcare Trust Incorporated (HTIA). The claimant alleges negligence, unsuitability, poor supervision, and concentration, among other claims, and is seeking up to $500K in damages.

Retiree Files 7-Figure Northstar Financial Services (Bermuda) Claim Against Cetera

Published on: December 6, 2021 | by Shepherd Smith Edwards & Kantas, LLP

A Claimant is Requesting Up to $5M in Damages For Northstar (Bermuda) Losses

An older investor has filed a FINRA arbitration claim over losses she sustained in Northstar Financial Services (Bermuda) while working with Cetera Investment Services, LLC. The claimant is a retiree and a foreign national who had an account at a US bank. It was the bank that introduced her to the Cetera financial advisor.

Seeking to keep her assets safe, she entrusted the recommendations of her Cetera Investment Services broker, who then proceeded to unsuitably recommend Northstar Financial Services (Bermuda), essentially overconcentrating 100% of her account with this offshore entity.

Elderly Chinese Retiree Files Six-Figure PB Investment Holdings Case Against Cetera Investment Services

Published on: September 24, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Customer’s FINRA Arbitration Hearing Seeking Up to $500K Will Take Place in Los Angeles

Our broker fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have filed a FINRA arbitration claim against Cetera Investment Services. A very elderly Chinese widow who entrusted the firm to keep her money safe suffered considerable losses in PB Investment Holdings.

The claimant, who is from Shanghai, is requesting up to $500K in damages for the losses she sustained in PB Investment Holdings (formerly Beechwood), a now failed off-shore entity owned by imprisoned billionaire Greg Lindberg.

Shepherd Smith Edwards & Kantas Investigates Cetera Investment Services and Mengxuan Zhang

Published on: November 19, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Shepherd, Smith, Edwards & Kantas (“SSEK”), a national law firm specializing in representing wronged investors, is looking into allegations against Mengxuan Zhang, previously employed by Cetera Investment Services out of Pasadena, CA. According to allegations, Ms. Zhang allegedly falsified customer signature pages on new account forms for some customers of Cetera. This included reusing signature pages without express permission and changing the dates on the forms so as to appear that customers had re-executed. One of the forms in question was an “illiquid investment acknowledgment form.” This is the type of form an investor in such products as GPB Capital or NorthStar Healthcare REIT would have to sign. After admitting her wrongdoing to Cetera, Ms. Zhang was officially discharged. She is currently not employed by any Broker Dealer as a financial advisor.

For her actions, Ms. Zhang has been suspended as a stockbroker/advisor by The Financial Industry Regulatory Authority Inc. (FINRA). She was also fined. Ms. Zhang accepted and consented to the findings by FINRA without admitting or denying the findings. According to FINRA, such actions on the part of Ms. Zhang violate FINRA Rule 2010. According to that Rule, a stockbroker/advisor must “….observe high standards of commercial honor and just and equitable principles of trade.” Under the terms with FINRA, Ms. Zhang may not make any statement publicly which denies FINRA’s findings regardless of the fact that she never specifically denied the allegations.

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