Cetera Advisors: Complaints and Regulatory Actions Overview

Cetera Advisors Broker Misconduct and Customer Complaints

Cetera Advisors LLC (CRD #10299) and Cetera Wealth Services LLC  (CRD # 13572) are subsidiaries of Cetera Financial Group, based in El Segundo, California. According to FINRA’s BrokerCheck:

• Cetera Advisors LLC employs 1,019 advisors and manages $21.2 billion in assets. The firm has 22 disclosures, including 14 regulatory actions and 7 arbitrations.
• Cetera Wealth Services employs 2,519 advisors with $50 billion in assets under management and 36 disclosures, including 19 regulatory actions and 15 arbitrations.

NEW FINRA AWC – January 16, 2026

In a January 16, 2026 Acceptance, Waiver and Consent (AWC), FINRA found that the Cetera Advisors and affiliated Cetera firms failed to maintain reasonably designed supervisory systems and written supervisory procedures between March 2019 and August 2021. FINRA also determined that the firms’ anti-money laundering (AML) program was not reasonably designed to detect and report suspicious transactions during that same period. In addition, from January 2017 through August 2021, Cetera Advisors failed to reasonably supervise the creation, dissemination, and preservation of consolidated reports, in violation of federal recordkeeping requirements. As a result, the Cetera firms were censured, fined $1.1 million, and agreed to undertake remedial measures.

Broker Misconduct: Disclosures & Allegations

1. Richard S. Routie (CRD# 4379905) Cetera broker was reportedly barred in December 2025 after an investigation involving allegations of taking loans from a customer.
2. Randy Lee Roesler (CRD#: 2144474) – Saukville, WI
   Broker with Cetera Advisors. As of May 12, 2025, a customer has alleged breach of fiduciary duty related to a 529 plan, seeking $250,000 in damages. Roesler has 4 disclosures on record.
3. Stephen Curtis Lawler (CRD#: 1193477) – Naples, FL
   Cetera broker with 6 disclosures, including a $90,000 settlement (July 2023) for alleged unsuitable recommendations of alternative products. Other disputes from 2020–2021 resulted in settlements up to $425,000. He also has a 2021 dismissed bankruptcy.
4. James (Greg) McKinney (CRD#: 2397266)
   Former Cetera advisor with 8 customer complaints, including allegations of unsuitable recommendations of private placements and non-traded REITs. FINRA barred him in 2019.
5. George Merhoff, Jr. (CRD#: 2918171) – Bend, OR
   Had 49 customer complaints at the time of filing, including unsuitable investments and misrepresentation. The White Law Group has filed multiple claims involving Merhoff related to high-risk energy investments and MLPs.
6. Brian Graham (CRD#: 2581633)
   Barred by FINRA in October 2024 after failing to cooperate in an investigation into alleged unauthorized ATM withdrawals.
7. Robert Jonathan Spencer (CRD#: 4388662) – Cheektowaga, NY
   Barred by FINRA in February 2022 for failing to respond to an investigation regarding private securities transactions while at Cetera Advisor Networks.
8. Kenneth Eugene Wade (CRD#: 5331252) – El Segundo, CA
   Barred in December 2022 for failing to cooperate with a FINRA investigation while registered with Cetera Advisor Networks.
9. Donna Hines (CRD#: 4275524) – Clarksburg, WV
   Barred by FINRA in November 2021 in connection with allegations related to a Bitcoin investment scheme.
10. Marianne O’Shee Smith (CRD#: 1242376)
    Barred by FINRA in April 2022 for misusing $45,100 in client checks intended for mutual funds, instead buying investments for a family member, all without client consent.
11. Walter Morrow Allen (CRD#: 1344149) – Suffield, CT
    Barred by FINRA in August 2021 for executing unauthorized trades in non-discretionary accounts.
12. David Rockwell (CRD#: 6232901) – Cape Coral, FL
    Sentenced in June 2021 to 5 years in prison for wire and bank fraud. He allegedly stole over $1 million from clients and applied for $700,000 in credit in their names.

Regulatory History of Cetera Firms

SEC & FINRA Sanctions

• Oct. 2022 – SEC fined Cetera firms $7 million for failing to disclose compensation tied to 12b-1 fees and revenue-sharing arrangements.
• Dec. 2020 – Three Cetera firms were sanctioned $1 million total for supervisory failures involving dually registered reps and outside RIAs.
• Sept. 2019 – SEC charged Cetera Advisors with defrauding clients through undisclosed mutual fund compensation.
• Dec. 2018 – FINRA fined Cetera Advisor Networks $1.4 million for churning mutual fund investments, harming mostly elderly clients.

Recent Cetera Arbitration Claims

The White Law Group has filed multiple FINRA arbitration claims including:

• June 2022 – Claim involving Hospitality Investors Trust Inc., seeking damages between $500,000 and $1 million for fraud and negligence.
• October 2021 – Claim seeking $1–$5 million involving private placements and REITs, filed against Cetera and James (Greg) McKinney.
• March 2021 – Claim for $500,000–$1 million involving George Merhoff, Jr. and high-risk energy investments.
• April 2017 – Claim related to oil & gas losses, also involving Merhoff.

Cetera Financial Group Acquisitions

Cetera has expanded significantly through acquisitions:

• 2025 – Concourse Financial Group Securities: Added 350 advisors, $12B in AUA
• 2023 – Securian Financial’s retail business
• 2021 – Voya Financial Advisors’ independent channel
• 2019 – Foresters Financial U.S. brokerage business
• Other acquisitions include JP Turner, Summit Brokerage, and First Allied Securities

What You Should Know About Filing a Cetera Complaint

Cetera’s pattern of regulatory violations and broker misconduct raises serious concerns. If your Cetera broker recommended risky or unsuitable investments or committed fraud, you may be entitled to file a FINRA arbitration claim to recover losses.

The White Law Group has filed over 800 FINRA claims and represents investors nationwide on a contingency fee basis.

FAQs

1. How do I know if my Cetera investments were unsuitable?

If your broker recommended high-commission products like non-traded REITs or private placements without considering your financial situation or risk tolerance, they may have made unsuitable recommendations.

2. Can I sue Cetera Advisors in court?

Most Cetera clients are required to use FINRA arbitration, not court, to resolve disputes. Our attorneys can evaluate your case and represent you through the arbitration process.

3. What does it mean if my Cetera broker has customer complaints?

Multiple complaints or regulatory actions may indicate a pattern of misconduct. FINRA’s BrokerCheck tool lets you view your broker’s history, or we can review it for you.

 Filing a FINRA Arbitration Claim

If your Cetera broker recommended unsuitable investments or engaged in misconduct, you may be able to recover losses through FINRA arbitration. The White Law Group has filed hundreds of FINRA claims on behalf of investors nationwide.

FINRA arbitration is often required due to clauses in brokerage agreements and is typically faster and less expensive than court litigation. Our firm represents clients on a contingency fee basis, meaning there is no fee unless we recover money for you.

Contact a Securities Fraud Attorney Today

If you invested with Cetera Advisors and suffered significant losses, you may be entitled to recover damages. Call The White Law Group at 888-637-5510 for a free consultation. We represent investors nationwide from our offices in Chicago and Seattle.