Recent allegations against financial advisor Chris Abeyta, a financial advisor at Ray Financial, involves claims of misrepresentation, investment fraud, and breach of fiduciary duty. These claims have led to significant concerns for affected investors. In this article, we explore these allegations, examine their implications, and discuss how investors can seek justice and recover losses.
Understanding the Allegations and Their Impact
The track record of Chris Abeyta, as documented in public regulatory filings, raises significant concerns about whether he has upheld the responsibilities that come with managing clients’ hard-earned money. Abeyta’s history includes 23 customer disputes, a regulatory sanction, and a termination for alleged misconduct—issues that every investor deserves to know.
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A Pattern of Customer Complaints
One of the most alarming aspects of Abeyta’s professional history is the sheer volume of customer disputes—23 in total—a staggering number for any financial advisor. Many of these complaints involve troubling allegations of misconduct, including:
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High-pressure sales tactics to push inappropriate or high-commission products.
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Misrepresentation of annuities, including false promises about returns, often cited as between 6-8%, while the actual returns were far lower.
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Failure to disclose commissions and incentives that Abeyta allegedly received for selling certain insurance products.
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Overconcentration of client portfolios in fixed annuities, often unsuitable for investors’ age or risk tolerance.
Several of the complaints involve senior citizens—investors who are especially vulnerable to improper sales practices. Clients allege that Chris Abeyta promised financial benefits that never materialized and failed to inform them of the true costs, restrictions, or alternatives available to them. The damage for many of these clients is financial, emotional, and deeply personal.
Regulatory Sanctions and $200,000 Penalty
Abeyta’s professional conduct has also drawn the attention of regulators. In 2017, the Colorado Division of Securities found that Abeyta and his firm, Accelerated Wealth, LLC, offered and sold unregistered securities. The state regulator also alleged that Abeyta operated as an unlicensed broker-dealer and employed unlicensed sales agents in the process.
To resolve the matter, Chris Abeyta entered into a Stipulation and Consent Order, agreeing to cease these activities and pay a substantial penalty totaling $200,000. While the settlement did not involve an admission of wrongdoing, the regulator’s findings underscore significant compliance lapses that should concern any investor evaluating Abeyta’s track record.
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Termination Amid Serious Allegations
The regulatory issues and client complaints culminated in Abeyta’s termination from his former firm, Accelerated Wealth Advisors, LLC, in January 2024. According to public filings, his dismissal came during an internal review that uncovered allegations of misconduct, including:
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Fraud and wrongful/unauthorized taking of client property.
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Violations of investment-related laws and standards of professional conduct.
While Abeyta denies the allegations, his firing and the breadth of accusations further fuel questions about whether he prioritized clients’ best interests or his own.
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When to Seek Legal Assistance
If you believe you’ve been a victim of investment fraud or received unsuitable advice, it’s imperative to seek legal help promptly. Signs that you may need legal assistance include unexpected losses, difficulty accessing your funds, or learning that your investments were misrepresented.
For example, if a supposedly “guaranteed” investment turns out to have significant risks or penalties, consult a securities attorney. Begin by gathering all relevant documents and communications with your advisor. Remember, time limits may apply for filing claims, so acting quickly is essential
If you find yourself facing these challenges, contacting us can be the first step towards understanding your legal options, obtaining legal assistance for investment fraud, and pursuing the justice you deserve.
What These Allegations Mean For You
The situation involving Chris Abeyta underscores the significant impact that misrepresentation and breaches of fiduciary duty can have on investors. If you have suffered financial losses due to unethical or fraudulent practices by a financial advisor, it’s advisable to evaluate your rights and legal options.
Our experienced team is dedicated to helping investors seek justice and recover losses. Contact Meyer Wilson to discuss how we can support you in addressing these complex issues and work towards protecting your financial future.
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