Raphael Fernando: REIT Complaint Against Cetera, Ex-BOK Advisor

Houston, Texas financial advisor Raphael Fernando (CRD# 4469669) has received more than 60 investor complaints alleging that his conduct resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Cetera Investment Services and Cetera Investment Advisers, respectively, having previously been registered with BOK Financial.

Mr. Fernando’s BrokerCheck report discloses more than 70 investor complaints. The most recent, filed in July 2025, alleges that as a representative of BOK Financial Securities, he misrepresented and recommended unsuitable real estate investments. The pending complaint alleges damages between $100,000 and $500,000.

Dozens of other complaints disclosed in his BrokerCheck report detailed similar allegations, including that he misrepresented investments. Filed between 2020 and 2024, most of these complaints have reached settlements, including for $475,248.36, $469,334.54, $124,509.20, $311,260.45, $831,033.43, $149,449.15, and $153,990.90.

In identical statements included with these disclosures, Mr. Fernando writes that the complaints relate to non-traded real estate investment trust (REIT) products approved by his former firm, BOK Financial. According to his statement, BOK Financial claimed that it had conducted due diligence on the products and directed him to sell them. “BOK Financial provided all of the documentation that I used in presenting these investments to clients and BOK Financial approved of every single purchase made by every single investor,” he wrote. “When COVID hit and real estate firms were struggling, the investments became difficult to liquidate and customers complained about that. BOK Financial made a corporate decision to purchase these investments back from the customers. The amount that BOK Financial reports as being paid to the customer is the amount that BOK Financial paid the customer to buy back the investment. I only followed my employer’s instructions.”

Another disclosure on his BrokerCheck report concerns a sanction against him by the Texas State Securities Board. Filed in July 2024, it alleged that he “recommended clients purchase REITs without fully understanding the product,” thus constituting “an inequitable practice in the sale of securities in rendering services as an investment adviser.” He consented to the entry of the order as well as a letter of reprimand.

According to the Financial Industry Regulatory Authority, Raphael Fernando holds 23 years of securities industry experience. Based in Houston, Texas, he has been registered as a broker and an investment advisor with Cetera Investment Services and Cetera Investment Advisers, respectively, since 2024. His past registrations include BOK Financial Advisors, BOK Financial Securities, Morgan Stanley, and Morgan Stanley DW. He is licensed in Texas. (Information current as of October 25, 2025.)

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