Former Cetera Broker C. Raymond Weldon has Five Customer Complaints
Broker C. Raymond Weldon, (CRD #1030659) an Independent Financial Group broker, who was reportedly formerly employed by The Investment Center, and Cetera Advisors, purportedly has five customer complaints filed against him. Weldon, based in Boca Raton, Florida was reportedly doing business under the name Weldon & Co. until May 2022, according to FINRA.
In March of 2023, customers of Weldon alleged that their portfolios were over concentrated in similar securities which resulted in losses. The claim reportedly settled for $300,000.
Two complaints alleged that the trading strategy utilized was not suitable, one in March 2023 and the other in June 2024, both complaints reportedly reached a settlement, according to FINRA records.
In July of 2023, a customer of Weldon’s reportedly filed suit alleging “breach of fiduciary duty, negligence, misrepresentation and failure to supervise.” The complaint is reportedly seeking damages of $1,000,000, and is currently pending.
Unsuitable Investments
Unsuitable investments refer to financial products that are not suitable for your investment goals, risk tolerance, or financial situation. These investments are typically recommended or sold by brokers or financial advisors who may not have properly assessed your individual needs or provided appropriate advice.
FINRA Rule 2111 requires that a firm or its representative have a reasonable basis to believe a recommended transaction or investment strategy involving a security is suitable for the customer. Brokers must have a firm understanding of both the product and the customer, according to Rule 2111. The lack of such an understanding itself violates the suitability rule.
Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a Financial Industry Regulatory Authority (FINRA) arbitration claim.
FINRA BrokerCheck – C. Raymond Weldon
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA. According to his broker report, Weldon was reportedly registered with the following firms during his career, among others.
INDEPENDENT FINANCIAL GROUP, LLC (CRD#:7717) Boca Raton, FL Registered with this firm since 4/6/2022
01/29/1997 – 05/23/2022, WELDON & COMPANY (CRD#:129099) BOCA RATON, FL
02/16/2022 – 03/30/2022 THE INVESTMENT CENTER, INC. (CRD#:17839) BOCA RATON, FL
10/25/2017 – 02/23/2022 CETERA ADVISOR NETWORKS LLC (CRD#:13572) BOCA RATON, FL
Regulation Best Interest
FINRA registered broker-dealers are required to conduct thorough due diligence before recommending investments, under the “Regulation Best Interest” standard. If a financial advisor fails to meet this obligation before making a recommendation, they may be held liable for any resulting investment losses.
If you have suffered investment losses due to an unsuitable investment recommendation, the securities attorneys at The White Law Group may be able to help you. You may be able to recover your losses by filing a FINRA arbitration claim against your brokerage firm that sold you the investment.
Free Consultation with National Securities Attorneys
If you have suffered investment losses with C. Raymond Weldon, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
About The White Law Group
The White Law Group, LLC is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
With more than 35 years of experience in securities law, The White Law Group has the knowledge and expertise to help investors recover losses resulting from securities fraud.
Last modified: December 18, 2024
