Cetera Sued By Investor For Annuity Fraud
Ira Gary Chernick of Woodbury New York a stockbroker currently employed by Cetera Advisors Networks LLC a is the subject of a customer initiated investment related complaint that was settled on December 8, 2017 to resolve allegations that Chernick placed the customer in an inappropriate variable annuity product and made misrepresentations about the product.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally confirms that a customer initiated investment related arbitration claim involving Chernick’s conduct was settled for $500,000.00 in damages based upon accusations against Chernick including misrepresentation and unsuitability relating to variable annuity and mutual fund products purchased when Chernick was associated with Nathan and Lewis Securities. National Association of Securities Dealers (NASD) Arbitration No. 03-06388 (Feb. 24, 2005).
Moreover, a customer initiated investment related arbitration claim concerning Chernick’s conduct was resolved for $6,000.00 in damages founded on allegations that while Chernick was associated with Walnut Street Securities, misleading and false statements had been made to the customer, and trades had been executed in the customer’s investment portfolio on an unsuitable and excessive basis. FINRA Arbitration No. 12-00837 (Jan. 29, 2013).
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