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Derek McLean: Ex-First Allied Advisor Faces Elder Abuse Complaint

Orange, California financial advisor Derek McLean (CRD# 1939560) recently received an investor complaint alleging financial elder abuse. Financial Industry Regulatory Authority records show that the former First Allied Securities representative is currently registered as a broker and an investment advisor with Cetera Advisors and Cetera Investment Advisers, respectively.

Mr. McLean’s BrokerCheck report discloses two investor complaints. The most recent, filed in October 2023, alleges that as a representative of First Allied Securities, he recommended an unsuitable interval fund, breached his fiduciary duty, breached contract, failed to supervise, and committed financial elder abuse. The pending complaint alleges unspecified damages believed to be at least $5,000.

An earlier investor complaint, filed in 2020, alleged that as a representative of First Allied Securities, he acted negligently, failed to supervise, and recommended unsuitable complex investments, including variable annuity and real estate products. In 2021 the complaint reached a settlement of $22,500.

According to the Financial Industry Regulatory Authority, Derek McLean holds 34 years of securities industry experience. Based in Orange, California, he has been a broker with Cetera Advisors since 2022 and an investment advisor with Cetera Advisers since 2020. His past registrations include First Allied Securities (Orange, California; 2008-2022), FFP Securities (Orange, California; 1991-2008), Planner’s Independent Management (San Marcos, California; 1990-1991), and First American National Securities (Duluth, Georgia; 1989-1990). His credentials include the passage of seven securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Operations Professional Examination, or Series 99TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Connecticut, Florida, Idaho, Illinois, Maryland, Massachusetts, Nevada, New Mexico, Oklahoma, Oregon, Texas, Virginia, and Washington. (Information current as of November 22, 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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