Were you the victim of Cetera Advisor Networks LLC broker David Rhodes (CRD# 2620006) related to real estate securities losses? He has been registered with Cetera Advisor Networks LLC in Bryan, Texas, since 2019. He was registered with Summit Financial Group Inc. in Bryan, Texas, from 2011 to 2021, Summit Brokerage Services, Inc. in Bryan, Texas, from 2011 to 2019, and Lincoln Financial Advisors Corporation in Dallas, Texas, from 1999 to 2011, when he was terminated regarding, “registered representative David Rhodes was terminated for issuing two promissory notes in connection with an outside business activity without providing advance written notification to, or receiving approval from, the firm.”
In June 2013, FINRA suspended him for 30 days and sanctioned him to pay a $5,000 civil and administrative fine after he “failed to provide prior written notice to his member firm that he entered into private securities transactions. Rhodes, through an entity, entered into promissory notes in which Rhodes, through the entity, borrowed funds from customers.” It is reported that the firm previously prohibited him from participating in any transactions to raise capital or solicit investors.
David Rhodes Customer Complaints
He has been the subject of seven customer complaints between 2005 and 2024, one of which was denied and one was closed without action, according to his CRD report. The most recent complaint was regarding:
August 2024. “Claimant alleges they were recommended unsuitable investments.” The case was settled for $49,000. The complaint was regarding real estate securities, and it took place while he was registered with Cetera Advisor Networks LLC and Summit Brokerage Services, Inc.
November 2021. “Claimants allege that their registered representative recommended unsuitable and high risk alternative investments.” The customer sought $1,500,000 in damages, and the case was settled for $250,000. The complaint was regarding real estate securities, and it took place while he was registered with Cetera Advisor Networks LLC and Summit Brokerage Services, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Advisor Networks LLC may be liable for investment or other losses suffered by David Rhodes’ customers.
