John Broughton: $160K Complaint Against Ex-Cetera, LPL Advisor

A recent investor complaint against former Citizens Securities and Cetera Investment Services advisor John Broughton (CRD# 2362478) alleges that he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or an investment adviser, though he was most recently based in Johnston, Rhode Island and Grosse Pointe Woods, Michigan. 

Mr. Broughton’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in January 2022, alleges that as a representative of LPL Financial, he unsuitably recommended the customer “invest in and hold a close-end fund and a business development company.” The pending complaint alleges damages of $160,000.

A second investor complaint, filed in 2020, alleged that Mr. Broughton made misrepresentations regarding an annuity investment while he was a representative of Cetera Investment Services. The complaint was denied by the firm.

A third investor complaint, filed in 2000, alleged that as a representative of NatCity Investments, he made misrepresentations regarding a stock sale. The complaint reached a settlement of $5,752.41. A fourth investor complaint, filed in 1999, alleged that he provided improper investment advice, reaching a settlement of $3,902.35. A fourth complaint alleged that he made misrepresentations of material information, reaching a settlement of $5,269.60.

According to the Financial Industry Regulatory Authority, John Broughton holds 27 years of securities industry experience. He is not currently registered as a broker or an investment advisor. His most recent registrations include Citizens Securities (Johnston, Rhode Island; 2020-2021), Cetera Investment Services (Grosse Pointe Woods, Michigan; 2016-2020), and LPL Financial (Grosse Pointe Woods, Michigan; 2011-2017). His past registrations include PrimeVest Financial Services, Vision Investment Services, First Tennessee Brokerage, UVest Financial Services, Fifth Third Securities, FutureShare Financial, Nathan & Lewis Securities, Bisys Brokerage Services, NatCity Investments, American Express Financial Advisors, and IDS Life Insurance Company. His credentials include the passage of five securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. He currently holds no state licenses. (Information current as of July 20, 2022.)

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