Press Release (ePRNews.com) - POMPANO BEACH, Fla. - Apr 18, 2017 - Soreide Law Group has now filed the 6th lawsuit against CETERA ADVISORS, LLC, (“CETERA ADVISORS”) and their broker, GEORGE CRAIG MERHOFF, JR., (“MERHOFF”) for Klamath Falls, Oregon investors.
MERHOFF (CRD# 2918171) is employed and a registered representative of CETERA ADVISORS in Klamath Falls, Oregon. Many of the investors who have brought lawsuits were completely reliant on his advice in investing and were in managed accounts. It is alleged that, MERHOFF, for some clients, made large concentrated positions in oil and gas related investments. MERHOFF concentrated these accounts in high-risk investments, including but not limited to: Linn Energy, PenGrowth Energ Corp, Teekay Partners, and Vale S.A.
MERHOFF also purchased other highly speculative non-energy investments for some clients. The lawsuits state that MERHOFF was allegedly reckless with investors’ money, ignoring all warnings and market signals with the energy market collapsing. These investors were looking to invest in stable income producing investments and not speculate with their irreplaceable life savings.
The lawsuits state that in some cases there was also no hedging or stop loss strategy implemented in the accounts. Most of these losses were to irreplaceable retirement savings. Over-concentrated positions in risky oil and gas investments is totally unsuitable for a conservative portfolio.
There are now claims brought against MERHOFF by Soreide Law Group clients with claims running into the millions of dollars. Some of the allegations brought against MERHOFF are: Violations of Oregon Securities Law, Negligence, Breach of Fiduciary Duty, Breach of Contract, Unsuitable Investments, and Common Law Fraud.
According to FINRA’s BrokerCheck, GEORGE CRAIG MERHOFF, JR. has 12 Disclosures on his report with 10 Customer Disputes still “Pending.” He has been in the securities industry for 19 years and has been listed with 3 firms including the current firm he is now listed with:
CETERA ADVISORS LLC
1903 AUSTIN ST STE A
KLAMATH FALLS, OR 97603
If you were a client and suffered losses with Oregon broker, GEORGE CRAIG MERHOFF, JR., of CETERA ADVISORS LLC KLAMATH FALLS, OREGON, due to his actions or recommendations, call Soreide Law Group, who have now filed 6 lawsuits on behalf of clients at: 888-760-6552. Or visit our website at:
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis. Source :
Soreide Law Group