Richard Brown: $368K Annuity Complaint Against Cetera Advisor

Fort Myers financial advisor Richard Brown (CRD# 1595628) has received investor complaints alleging that he recommended unsuitable investments in REITs and other products. Financial Industry Regulatory Authority records show that he is a broker with Cetera Advisor Networks, doing business as Richard Brown Investments.

Mr. Brown’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in November 2023, alleges that as a representative of Summit Brokerage Services, he recommended unsuitable investments and “made excessive annuity sales.” The pending complaint alleges damages of $368,803.

An earlier investor complaint, filed in 2021, alleged that as a Summit Brokerage Services, he recommended unsuitable real estate investments. In June 2023 the complaint reached a settlement of $8,000.

A third investor complaint, filed in 2019, alleged that he sold unsuitable investments in a variable annuity and real estate investment trusts (REITs). The complaint reached a settlement of $14,000.

A fourth investor complaint, filed in 2017, similarly alleged unsuitable recommendations involving annuity and real estate products. In 2018 the complaint reached a settlement of $9,500.

A fifth investor complaint, alleged in 2014, alleged fraud and misrepresentation in connection with annuity and REIT products. In 2015 the complaint reached a settlement of $25,000.

Richard Brown Investments’ website features a page describing the firm’s mission. “Our mission is to get to know and understand your needs, wants, and long-term goals,” it states. “We understand the challenges families face today. From managing debt to saving for college to retirement, these personal finance challenges can be overwhelming. Our commitment is to utilize all of our resources to help you pursue your goals.”

According to the Financial Industry Regulatory Authority, Richard Brown holds 35 years of securities industry experience. Based in Fort Myers, Florida, he has been a a broker with Cetera Advisor Networks since 2019, doing business as Richard Brown Investments. His past registrations include Summit Brokerage Services (Fort Myers, Florida; 2003-2019), McDonald Investments (Cleveland, Ohio; 1999-2003), and Raymond James & Associates (St. Petersburg, Florida; 1988-1998). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 30 state licenses. (Information current as of December 26, 2023.)

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