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Bill Loberg: Suitability Complaint Against Cetera Advisor

Fargo, North Dakota financial advisor Bill Loberg (CRD# 4418093) allegedly provided unsuitable investment recommendations, according to a recent investor complaint. Records maintained by the Financial Industry Regulatory Authority show that he is currently a broker and an investment advisor with Cetera Advisor Networks.

Mr. Loberg’s BrokerCheck report discloses one investor complaint. Filed in May 2023, it alleges that as a representative of Cetera Advisor Networks, he recommended unsuitable real estate investments that resulted in losses. The pending complaint alleges unspecified damages believed to exceed $5,000.

FINRA rules mandate that advisors like Bill Loberg may recommend only investments and investment strategies that meet a standard called suitability. According to FINRA Rule 2111, this standard describes the need for brokers to “have a reasonable basis to believe that a recommended transaction or investment strategy” is suitable for a customer’s investment profile. A customer’s profile includes such factors as their age, net worth, financial situation, objectives, liquidity needs, risk tolerance, and other concerns. Brokers must have a reasonable basis to believe the investment recommendation is suitable for at least some investors and that it is suitable for the customer they’re making it to. In cases involving a series of transactions where the broker has actual or de facto control over the customer’s account, they must also have a reasonable basis to believe that the series of transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.” Brokers who recommend unsuitable investments may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority, Bill Loberg holds 20 years of securities industry experience. Based in Fargo, North Dakota, he has been a broker and an investment advisor with Cetera Advisor Networks since 2009 and 2014, respectively. His past registrations include Farmers Financial Services (Fargo, North Dakota; 2009), Invest Financial Corporation (Wahpeton, North Dakota; 2006-2008), and Edward Jones (Moorhead, Minnesota; 2001-2006). His credentials include the passage of four securities industry qualifying exams: the Uniform Combined State Law Examination, or Series 66; the General Securities Representative Examination, or Series 7; the Uniform Securities Agent State Law Examination, or Series 63; and the Securities Industry Essentials Examination, or SIE. He is licensed in Arizona, California, Indiana, Minnesota, Montana, North Dakota, Oklahoma, Oregon, South Dakota, Washington, and Wyoming. (Information current as of May 27, 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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