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Andrew Lofton: Cetera Advisor Faces $300K Complaint

A recent investor complaint against Franklin, Tennessee financial advisor Andrew Lofton (CRD# 6723209) alleges that his advice resulted in six-figure losses. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor registered with Cetera Investment Services.

Mr. Lofton’s BrokerCheck report discloses one investor complaint against him. Filed in September 2023, it alleges that as a representative of Cetera Investment Services, he misrepresented material facts in connection with investments in structured products. The pending complaint alleges damages of $300,000.

Investors should be aware of FINRA Rule 2020, which stipulates that brokers like Mr. Lofton are prohibited from “effect[ing] any transaction in, or induc[ing] the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” This is sometimes referred to as FINRA’s misrepresentation rule, as it prohibits brokers from misrepresenting material facts—that is, facts that pose a significant consideration for investors weighing a product or strategy—related to their investment recommendations. Brokers who make misrepresentations of material facts may be held liable in the event of losses in a customer’s account.

According to the Financial Industry Regulatory Authority, Andrew Lofton holds six years of securities industry experience. Based in Franklin, Tennessee, he has been a broker and an investment advisor with Cetera Investment Services since February 2022. He was previously registered with Merrill Lynch in Franklin, Tennessee from 2016 until February 2022. His credentials include the passage of five securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Alabama, California, Colorado, Ohio, and Tennessee. (Information current as of October 15, 2023.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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