The Investor’s Watchdog

The Investor's Watchdog

George Merhoff, Former Cetera Holdings Registered Representative, Consents to FINRA Bar

Tuesday, July 9, 2019

The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) to resolve allegations of securities industry rules violations against former general securities representative George Merhoff Jr.

According to the AWC, FINRA sent Merhoff a letter requesting documents and information in April 2019 regarding his issuance of consolidated account reports to customers and his making of undisclosed payments to customers. Through a phone call with his counsel, Merhoff acknowledged to FINRA Department of Enforcement that he received the requests and would not produce documents or information pursuant to FINRA Rule 8210 at any time. Thus, Merhoff violated FINRA Rule 8210 and 2010.

Without admitting or denying the allegations made against him by FINRA, George Merhoff violated FINRA 8210 and 2010.

According to his FINRA BrokerCheck report, Merhoff has over two dozen customer disputes since 2015, many that alleged breach of fiduciary duty, fraud, and negligence. In 2017, he consented to entry of an order by the State of Oregon’s Department of Consumer and Business Services, Division of Financial Regulation that he “engaged in an unfair practice…by negligently failing to ensure that his clients understood the long-range implications of the investment strategies he used on behalf of certain clients. The Order directed Merhoff to cease and desist from violating any provision of the Oregon Securities

Merhoff became registered with FINRA in 1997 as an Investment Company Products/Variable Contracts Representative (IR) in September 1997 through AAG Securities, Inc. in Cincinnati, Ohio. He then moved from Pacific West Securities, Inc. in Klamath Falls, Oregon from June 1998 to February 2012. Most recently, he was associated with Cetera Advisors LLC (Cetera) in Klamath Falls, Oregon from February 2012 to April 2019. Merhoff was discharged from Cetera after allegedly violating firm policies and procedures by making undisclosed payments to a customer of the firm.

If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Did George Merhoff’s alleged misconduct cost you money? If so, you may be able to recover from him or Cetera Advisors LLC, his most recent associated brokerage firm. Since 1998, we have been representing victims of broker fraud and other misconduct. Call us (1-877-410-8172) today for a free, no obligation consultation.

 

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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