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WestStar Advisor Erik Alexander Receives REIT Complaint
A recent investor complaint against Bellevue, Washington financial advisor Erik Alexander (CRD# 5839269) alleges that his investment advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cetera Advisor Networks, doing business as WestStar Partners.
Mr. Alexander’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Voya Financial Advisors, he misrepresented investments in a real estate investment trust (REIT) and other products as “conservative, secure,” and without “significant risks.” The pending complaint alleges damages of $270,000.
Securities industry standards require brokers like Erik Alexander to ensure that the investments and strategies they recommend are considered suitable for their clients. As FINRA Rule 2111 explains, this standard specifically means that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy” is appropriate for a customer’s investment profile, which includes such factors as age, investment background and objectives, net worth, risk tolerance, and more. An investment without principal protection, for examples, might be unsuitable for conservative investors who can’t afford to lose their money. Brokers who recommend unsuitable products or strategies may be found liable in the event of losses.
According to the Financial Industry Regulatory Authority, Erik Alexander holds 12 years of securities industry experience. Based in Bellevue, Washington, he has been a broker and an investment advisor with Cetera Advisor Networks since 2021, doing business as WestStar Partners. He was previously registered with Voya Financial Advisors in Bellevue from 2010 until 2021. His credentials include the passage of four securities industry qualifying exams, including the General Securities Representative Examination and the Uniform Combined State Law Examination. He is licensed in Arizona, California, Florida, Idaho, Louisiana, Massachusetts, Nevada, New Jersey, New York, Oregon, Texas, Virginia, and Washington. (Information current as of November 4, 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.