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Cindy Chiellini: $100K Complaint Against Cola Wealth Advisor

Lexington, South Carolina financial advisor Cindy Chiellini (CRD# 1015592) has been involved in dozens of investor complaints. Financial Industry Regulatory Authority records show that she is a broker registered with Centaurus Financial and a representative of Cola Wealth Advisors. 

Ms. Chiellini’s BrokerCheck report discloses her involvement in more than 40 investor complaints. One of the most recent, filed in September 2021, alleged the unsuitable recommendation of complex, high-risk investments while she was a representative of Cetera Financial Group and Centaurus Financial. In January 2022 the complaint reached a settlement of $70,000.

A similar complaint, filed in 2020, alleged the misrepresentation and recommendation of unsuitable investments, eventually reaching a settlement of $22,500. Another complaint filed in 2020 also alleged the misrepresentation of material facts and recommendation of unsuitable investments, reaching a settlement in 2021 of $42,500. A fourth complaint, filed in 2020, alleged unsuitable investments and breach of fiduciary duty, settling for $33,500.

Ms. Chiellini commented on the disclosures regarding each of the above-described complaints that she was named in the actions “solely as a result [her] my capacity as a senior affiliated Registered Representative of the Branch. Due to my long tenure and experience at the Branch.” She stated further that customer statements identified her as a point of contact for service issues, but that she otherwise “had no direct or indirect relationship or contact with the claimants,” and the complaints were settled by the firm without her agreement. 

A fifth complaint disclosed on Ms. Chiellini’s BrokerCheck report, filed in May 2022, alleges that she “misrepresented a high risk, unsuitable and illiquid investment.” The pending complaint alleges damages of $100,000. In a statement on the disclosure, Ms. Chiellini “vehemently” denies any wrongdoing, asserting that the investments were suitable and the customers confirmed in writing that they understood the products’ risks and features. “At all times,” she concluded, “I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

According to the Financial Industry Regulatory Authority, Cindy Chiellini holds 38 years of securities industry experience. Based in Lexington, South Carolina, she has been a broker with Centaurus Financial since 2015. She is a representative of  Cola Wealth Advisors, which offers securities through Centaurus. Her past registrations include JP Turner & Company, Gunnallen Financial, First Allied Securities, DE Frey & Company, Merrill Lynch, and the Robinson-Humphrey Company. Her credentials include the passage of three securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Securities Industry Essentials Examination,  or SIE. She is licensed in Florida, Georgia, Indiana, Michigan, Missouri, North Carolina, South Carolina, Tennessee, and Virginia. (Information current as of August 19, 2022.)

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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