Cetera is facing more than $5 million in damages after clients began filing arbitration claims accusing one of the firm's advisers of over-concentrating their portfolios in a handful of energy stocks that cratered in share price when oil prices fell.
Adviser George Merhoff was hit with nine complaints where clients claim they have suffered from $50,000 up to $4.6 million in damages, according to notes filed in his FINRA BrokerCheck record. Four complaints do not list amounts.
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