Marianne Oshee Smith of Avon, Connecticut, a stockbroker formerly registered with Cetera Advisors LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that she converted funds from elderly customers of Cetera Advisors. Letter of Acceptance, Waiver, and Consent No. 2021071670001 (April 5, 2022).
According to the AWC, from January 31, 2018, to February 27, 2021, Smith was provided with $45,100.00 in checks from customers. Those checks were supposed to be provided to the mutual fund company which Cetera Advisors was affiliated with. Smith did not use the customers’ funds for investment purposes but instead took the money to buy shares of mutual funds for Smith’s family members.
FINRA states that Smith placed an account number and mutual fund investment information on each check before sending each check to the mutual fund company. FINRA found that Smith misused customer funds in violation of FINRA Rule 2010 and Rule 2150(a).
Smith has been identified in two customer initiated investment related disputes concerning allegations of her conduct while associated with Edward Jones. FINRA Public Disclosure shows that a customer filed an investment related complaint involving Smith’s conduct where the customer requested more than $5,000.00 in damages based upon accusations of a zero-coupon bond not being purchased for the customer’s account.
Smith is also the subject of a customer initiated investment related written complaint in which the customer sought compensatory damages based on allegations of sales practice violations relating to an individual retirement account. The complaint alleges that the customer was not provided accurate information about their ability to withdraw funds from the IRA without penalty.
Smith was registered with Cetera Advisors between October 3, 2016, and June 11, 2021.
