FINRA Reportedly Bars Cetera Broker Marianne Smith from the Securities Industry
According to the Financial Industry Regulatory Authority (FINRA), Broker Marianne Oshee Smith (CRD#: 1587765) was reportedly barred from the securities industry after her employer, Cetera Advisors, reported Smith had been discharged in connection with its investigation of her deposit of customer checks into accounts maintained by a third party.
According to FINRA’s findings, between January 31, 2018, and February 27, 2021, three Cetera Advisors customers gave Smith ten checks totaling $45,100 made payable to a mutual fund company affiliated with the firm. The customers, all of whom were senior citizens, directed Smith to use the checks to fund their mutual fund investments. Smith instead used the customer checks, without their prior knowledge or consent, to purchase mutual fund shares for a family member of Smith.
According to her FINRA BrokerCheck report, Smith has two customer complaints filed against her. She was reportedly affiliated with the following firms, among others, during her career in the securities industry:
10/03/2016 – 06/11/2021, CETERA ADVISORS LLC (CRD#:10299), AVON, CT,
01/04/2008 – 10/03/2016, INVESTORS CAPITAL CORP. (CRD#:30613), AVON, CT
07/27/2005 – 10/01/2007, FIRST WALL STREET CORP. (CRD#:13024), AVON, CT
Potential Lawsuits to Recover Financial Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that Smith’s employers may have for failure to properly supervise her.
When brokers and registered investment advisors violate securities laws, such as churning accounts or making unsuitable investment recommendations, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. We represent investors in all 50 states including Connecticut. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Marianne Smith, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
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