Raphael Fernando: Ex-BOK Advisor Received 45 Complaints

Houston, Texas financial advisor Raphael Fernando (CRD# 4469669) has received dozens of investor complaints alleging that his conduct resulted in damages. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Cetera Investment Services, having previously been registered with BOK Financial Securities.

Mr. Fernando’s BrokerCheck report discloses 45 investor complaints. Filed between 2020 and April 2024, the complaints allege a range of misconduct while he was a representative of BOK Financial Services. The allegations include unsuitable investment recommendations and misrepresentations of material facts regarding the products he recommended. All 45 of these complaints reached settlements with the claimants, including settlements of the following amounts: $831,033.43, $375,501.37, $340,368.55, $311,260.45, $323,429.33, $153,406.28, $153,872.32, $210,573.90, $122,853.73, and $153,990.90.

Cetera Investment Services’ website includes a page describing the firm’s model and services. “Our business model is simple: we focus on financial institutions, delivering high-quality investment products, wealth management solutions and premier support to help grow their investment programs,” it explains. “As a broker-dealer with no proprietary investment products, our advice to program managers, relationship managers, registered representatives and financial advisors is based solely on the merits of our analyses of the investment products and programs offered, and free from bias.”

According to the Financial Industry Regulatory Authority, Raphael Fernando holds 22 years of securities industry experience. Based in Houston, Texas, he has been registered as a broker with Cetera Investment Services since January 2024. His past registrations include BOK Financial Securities (Bellaire, Texas; 2003-2023) and Morgan Stanley (Houston, Texas; 2002-2003). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is not currently licensed with any US state. (Information current as of May 28, 2024.)

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.