{"id":9599,"date":"2020-12-29T11:12:52","date_gmt":"2020-12-29T16:12:52","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=9599"},"modified":"2020-12-29T11:12:52","modified_gmt":"2020-12-29T16:12:52","slug":"finra-fines-cetera-1m-issues-sanctions","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-fines-cetera-1m-issues-sanctions\/","title":{"rendered":"FINRA Fines Cetera $1M, Issues Sanctions"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9502 size-full\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/11\/FiverRecoverysmall.jpg\" alt=\"FINRA has fined three Cetera-affiliated firms a total of $1M after failing to supervise a number of their representatives who were also affiliated with other registered investment advisors who were outside of the firms.  The $1m figure is a compendium of fines divided by the firms:  Cetera Advisor Networks LLC, $750,000 Cetera Advisors LLC, $ $150,000 Cetera Financial Specialists LLC, $100,000 Why Cetera Was Sanctioned  The crux of this FINRA complaint involves the failure by these firms to properly establish and enforce a supervisory system for their DRR reps. Many of these reps deal in financial products of these firms as well as financial products from other firms not associated with Cetera.\u00a0  Known as a \u201cdually registered representative\u201d (DRR), these are agents who are registered at more than one broker. Frequently the secondary registration is with an outside and unaffiliated agency, and there could be a potential conflict of interest.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/11\/FiverRecoverysmall.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2020\/11\/FiverRecoverysmall-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>FINRA has fined three Cetera-affiliated firms a total of $1M after failing to supervise a number of their representatives who were also affiliated with other registered investment advisors who were outside of the firms.<\/p>\n<p>The $1m figure is a compendium of fines divided by the firms: <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-fines-cetera-1m-issues-sanctions\/#more-9599\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FINRA has fined three Cetera-affiliated firms a total of $1M after failing to supervise a number of their representatives who were also affiliated with other registered investment advisors who were outside of the firms. The $1m figure is a compendium of fines divided by the firms: Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[577],"tags":[],"class_list":["post-9599","post","type-post","status-publish","format-standard","hentry","category-finra-disciplinary-actions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Fines Cetera $1M For Failing To Supervise Representatives<\/title>\n<meta name=\"description\" content=\"FINRA has fined three Cetera-affiliated firms a total of $1M after failing to supervise a number of their representatives.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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