Soon after ex-Cetera Advisors registered representative George Craig Merhoff's ban from the securities industry in June 2019, customers began lining up to file complaints against the previously registered broker and investment adviser from Oregon, alleging damages in the millions of dollars as a result of Merhoff's alleged misconduct.
The complaints, which recently pushed George Merhoff (CRD #2918171) to the threshold of a whopping 40 FINRA BrokerCheck disclosures, include a slew of pending customer disputes alleging misconduct ranging from common law fraud, misrepresentation of facts, unsuitable investments, and over-concentration to breach of fiduciary duty and breach of contract.
Settled complaints against Merhoff have already yielded payments to customers in excess of $3.8 million, and the pending disputes awaiting adjudication allege damages that could push this amount well past the $5-million mark.
For example, one customer whose dispute remains pending alleged that Merhoff's negligence, breach of fiduciary duty and contract, and violation of Oregon Securities Law has produced damages of $500,000, while a handful of additional complaints, each seeking six-figure damages, accuse Merhoff of similar fraudulent misconduct, as well as poor performance and issues of suitability.
Cetera Advisors terminated Merhoff in 2019 following allegations that Merhoff made an undisclosed payment to a firm customer, and that he violated firm policies and procedures.
If you have invested with former Cetera Advisors stockbroker George C Merhoff or with any financial adviser or broker whose unethical or fraudulent conduct has proven harmful to your investments or interests, such as losses due to over-concentration or unsuitable recommendations and transactions, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.