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Meyer Wilson Representing Investors in Claims Involving Improper Reit Sales and Other Unsuitable Investments Sold by Cetera Advisors

The investment fraud lawyers at the law firm of Meyer Wilson are representing clients and investigating other claims on behalf of former customers of Cetera Investments Services, LLC, and its affiliates, who may have been improperly sold investments in real estate investment trusts (REITs) and other unsuitable investments in violation of securities industry rules and best practices.

Cetera is one of the nation’s largest networks of independent broker-dealers with about 8,000 financial advisors nationwide. Cetera has been the subject of numerous customer complaints relating to the improper sale of REITs and other alternative investments.

REITs are investment pools similar to mutual funds that focus on investing in income-producing real estate. These investments are often pitched to retirees who are looking for steady income, but they also can be fraught with significant risks. Due diligence on the part of the supervising brokerage firm is absolutely critical, as is avoiding overconcentration in particular REIT positions and across real estate sectors.

Various Cetera financial advisors are the subjects of currently pending customer complaints involving alleged improper sales of REITs and other investments. These include:

Hui Zhang: Three customer disputes were filed against Hui Zhang alleging he misrepresented in the recommendation of unsuitable, illiquid Real Estate Investment Trusts (REITs), including ARC Healthcare. One dispute was settled and two are currently pending. Hui Zhang currently works for Independent Financial Group, LLC. He previously worked for Cetera Investment Advisers LLC.

Shane Boehm: Two customer disputes alleging misrepresentation and unsuitable investments were filed against former Cetera Broker Shane Boehm. One customer dispute is still pending. The claimant alleges unsuitable investment recommendations, including Real Estate Investment Trusts (REITs), which resulted in a $1.5 million dollar loss.

Howard Hao-Chung Hsieh: Hseih is a broker and investment adviser in Irvine, California. He has been associated with Cetera Investment Services since 2013. Meyer Wilson is currently representing former customers of Hseih in FINRA arbitration claims involving sales of Hospitality Investors Trust. Hseih is the subject of at least one other pending customer complaint. Two prior customer complaints settled for a combined amount of approximately $900,000.

John Frank Donoso: Donoso is a former Cetera financial advisor in Boca Raton who is currently registered with Newbridge Securities. He is the subject of a currently pending customer complaint involving the sale of unsuitable investments.

Travis Jerome Hughes: Hughes is a broker and investment adviser with Cetera Advisors in El Paso, Texas. He has been associated with Cetera since 2016. He is the subject of at least one currently pending customer complaint. He has been the subject of at least nine prior customer complaints, four of which settled for combined amounts in excess of $600,000.

Nathan Paul McDonald: McDonald is a broker and investment adviser with Cetera Advisors in Auburn, Maine. He is the subject of a currently pending customer complaint involving the sale of REITS and private placements.

Ping Wu: Wu is a broker and investment adviser with Cetera Investment Services in Arcadia, California. She has been with the firm since 2013. Chu is the subject of two currently pending customer complaints alleging unsuitable investments.

In 2015, Cetera was fined by regulators for various supervisory failures relating to the sale of non-traded REITs.

If you are a current or former customer of Cetera, the investment fraud lawyers at the law firm of Meyer Wilson would like to speak with you. Contact us today for a no-charge consultation to discuss your legal options.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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