Soreide Law Group has been hired by 7 different clients that all have filed suits claiming securities fraud against George Merhoff and Cetera Advisors.
Oregon (PRWEB) June 14, 2017
Two Oregon retirees, living in Klamath Falls, hired the securities arbitration law firm Soreide Law Group to recover more than $500,000 in investment losses with Cetera Advisors broker George Merhoff “Merhoff.” The customers accounts were heavily concentrated in only a handful of high risk oil investments, including: Linn Energy, PenGrowth Energ Corp, Cliffs Natural Resources, Teekay Partners, and Vale S.A., to name a few. The lawsuit alleges that Merhoff was reckless with the Claimants’ money ignoring all warnings and market signals with the energy market collapsing.
It is alleged that the Claimants fell victim to the negligence, misrepresentations, breach of fiduciary duty, of their registered representative, Merhoff. Including this claim, Merhoff has racked up twelve (12) reported customer complaints on his U4. The claimant alleges an over concentration in oil investments which were unsuitable for a retiree.
The Claimants through their attorney Lars Soreide, Esq., have accused Cetera Advisors and broker George Merhoff, of alleged negligence, breach of fiduciary duty, negligent supervision, breach of contract, fraud and violations of the Oregon’s Securities Act. The Claimants are seeking damages of $500,000 plus attorneys fees for their alleged violations if liability if found under the Oregon Securities Act. The suit also alleges that Cetera Advisors failed to supervise their financial advisor Merhoff. Cetera Advisors and Merhoff have yet to file Answer to the allegations.
Soreide Law has filed other cases against Cetera and Merhoff for customers located in Illinois, Oregon, Colorado and Nevada. The majority of these cases have been oil and gas loss related.
Soreide Law represents investors nationwide through the Financial Industry Regulatory Authority.
The suit is being arbitrated through FINRA, the FINRA case number is 17-01508 and Cetera Advisors and Merhoff have yet to file a response.
Lars Soreide, Esq., expects the case to be arbitrated by the summer of 2018. For more information visit https://www.SecuritiesLawyer.com or call 1 (888) 760-6552.