Ray Chera: Ex-Osaic, Woodbury Advisor Faces Complaint

Brooklyn, New York financial advisor Ray Chera (CRD# 5829380) recently received an investor complaint alleging that his advice resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Wells Fargo Advisors, having previously been registered with Osaic Wealth and Woodbury Financial Services.

Mr. Chera’s BrokerCheck report discloses one investor complaint. Filed in April 2026, it alleges that as a representative of Osaic Wealth and Woodbury Financial Services, he recommended a structured note investment that “was not in keeping with [the customer’s] investment objectives/risk tolerance, and that full disclosure regarding the investment was not made to her.” The pending complaint alleges unspecified damages.

For reference, the SEC’s “Regulation Best Interest” is a standard of conduct that requires brokers to recommend only investments and strategies that are in their clients’ best interests. Both broker-dealer firms and their registered firms have what the regulation describes as a “Care Obligation,” under which they must “have a reasonable basis to believe that each recommendation or series of recommendations made is in the best interest of the particular retail customer and does not place their financial or other interests ahead of the interest of the retail customer.” Regulation Best Interest stipulates further that brokers and financial advisors must disclose to their clients any potential conflicts of interests that might consciously or unconsciously result in them providing “advice that is not disinterested,” as FINRA explains. More information about these rules is available via FINRA.

Investors should be aware that FINRA-associated brokers like Mr. Chera are generally forbidden from effecting unauthorized transactions. Such conduct may be found to violate FINRA Rule 2010, which requires brokers to uphold high standards of commercial honor and just and equitable principles of trade; it may also or alternatively be found to violate FINRA Rule 2020, which states that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Representatives who violate these rules may be found liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Ray Chera holds 15 years of securities industry experience. Based in Brooklyn, New York, he has been registered as a broker and an investment advisor with Wells Fargo Advisors since April 2026. His past registrations include Osaic Wealth, Woodbury Financial Services, Capital One Investing, Morgan Stanley, and National Securities. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Futures Managed Funds Examination, or Series 31. He is licensed in Colorado, Maryland, New Jersey, New York, Pennsylvania, and Washington. (Information current as of May 9, 2026.)

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