Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Dale Cebert (Cebert) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Cebert was employed by Ameriprise Financial Services, LLC at the time of the activity. If you have been a victim of Cebert’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $6,547.40 on May 30, 2024.
The client alleged that 200 shares of Apple Stock (AAPL) were sold in her non-qualified SPS Advantage Individual TOD account in December of 2023 without her authorization.
Our firm is highly experienced in pursuing cases for defrauded clients whose advisors accept client loans or sell securities through OBAs. Engaging in the sale of unapproved investment products, fake investments that conceal misappropriated funds, and other fraudulent activities is referred to as “selling away” in the industry—a severe violation of securities regulations. In finance, “selling away” occurs when a financial advisor recommends investments in companies, promissory notes, or other securities without the approval of their broker’s affiliated firm. While some of these investments may have a degree of legitimacy, they often turn out to be Ponzi schemes or involve advisors misappropriating funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To effectively supervise their brokers, each firm must implement procedures to monitor advisors’ activities and interactions with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Cebert entered the securities industry in 1998. Cebert has been registered as a Broker with Ameriprise Financial Services, LLC since 2018.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
