SEC sues Cetera for defrauding retail advisory clients: Complaint

Cetera Advisors LLC allegedly breached its fiduciary duty and defrauded its retail advisory clients when it failed to reveal conflicts of interests when it received compensation in the form of 12b-1 fees, revenue sharing, administrative fees and mark-ups, the SEC said an amended complaint. The regulatory is seeking an injunction, disgorgement of ill-gotten gains and is looking to recover over $21 million from Cetera, a broker-dealer backed by Genstar Capital. See the SEC’s amended complaint against Cetera here.