Another Cetera Broker Accused of Using Shared Cultural Affinity To Gain Trust of Investors of Chinese Descent
HOUSTON, April 26, 2024 /PRNewswire/ — More investors of Chinese descent are suing broker-dealer Cetera because of losses they sustained in allegedly unsuitable investments. The claimants, who live in California, are seeking up to $1,000,000 in damages. They contend that their Cetera Investment Services broker John Yin (Haiguang Yin), who they met through East West Bank, used their mutual cultural affinity to gain their trust. He then allegedly overconcentrated all of their assets in high-risk, illiquid private placements that were unsuitable for them given their low risk tolerance level.
This was an aggressive portfolio strategy contrary to the sound financial plan with a minimal amount of risk that these claimants were promised. There were several private placements that Cetera recommended to them, including the non-traded real estate investment trusts (non-traded REITs) Cole Capital and Arc Realty Finance, which has suspended distributions.
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In their non-traded REIT fraud lawsuit, the claimants are alleging unsuitability, concentration, gross lack of supervision, and misrepresentations and omissions. Not only that, but Cetera purportedly did not give these investors account statements or fulfill its affirmative duty to provide them with accurate information.
Shepherd Smith Edwards and Kantas (investorlawyers.com) is representing these claimants in their FINRA lawsuit against Cetera. If you sustained serious losses while working with a Cetera Investment Services financial advisor, contact us today to schedule your free, initial case assessment.
Our Broker Fraud Law Firm Are Representing Chinese Investors Against Cetera We are working with investors, both US citizens/residents and foreign nationals, in recouping their investment losses from Cetera Investment Services.
Our other clients that are suing Cetera sustained losses in Northstar Financial Services (Bermuda), PB Investment Holdings, Beechwood Bermuda—these were sold to Chinese investors and other foreign nationals—and non-traded REITs Healthcare Trust, NorthStar Healthcare Income REIT, and Griffin Realty Trust.
Why Hire Our Non-Traded REIT Fraud Lawyers To Represent You in Your Cetera Investment Loss Recovery Claim?
We have years of experience working with American citizens and international investors in fighting for the damages they are owed by US broker-dealers. Through our dedication and hard work, more than 90% of our clients have received full or partial financial recovery.
Contact Us:Call (800) 259-9010 or fill out this form.
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