Susan Lavon Welo of Mayville North Dakota a stockbroker formerly registered with Cetera Advisor Networks LLC and Securities America Inc. is referenced in a customer initiated investment related written complaint on July 6, 2021 where the customer requested compensation founded on accusations that Welo effected unsuitable real estate investment trust purchases for their account at Securities America.

FINRA Public Disclosure shows that Welo has been identified in fifteen more customer initiated investment related disputes regarding allegations of her misbehavior while she was registered with securities broker dealers including Securities America and Cetera Advisor Networks. On September 27, 2017, a customer filed an investment related complaint involving Welo’s activities in which the customer sought $50,000.00 in damages based upon accusations that the returns and liquidity of business development companies were misrepresented by Welo while she was associated with Securities America.

On March 12, 2019, another customer filed an investment related complaint regarding Welo’s conduct where the customer requested more than $5,000.00 in damages supported by allegations of Welo misrepresenting the investment features on a real estate security purchase.

Welo is also the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $11,665.00 in damages founded on accusations of the violation of fiduciary duty and breach of contract relating to a business development company investment made by the customer through Securities America. FINRA Arbitration No. 20-01173 (June 3, 2020). The claim alleges that Welo provided unsuitable investment recommendations. According to the claim, the alternative investment was also misrepresented.

On September 3, 2020, another customer initiated investment related FINRA securities arbitration claim concerning Welo’s conduct was resolved for $10,000.00 in damages based on allegations that Welo effected unsuitable private placement transactions which resulted in damages to the customer. FINRA Arbitration No. 20-01173. Welo has also been referenced in a customer initiated investment related written complaint on May 24, 2021 in which the customer sought $50,000.00 in damages based upon accusations that Welo’s penny stock and REIT transactions were unsuitable.

Welo has additionally been sanctioned by the State of North Dakota for wrongdoing. She was issued a Cease and Desist Order founded on allegations of misrepresenting and omitting information, and being an unregistered investment adviser representative and stockbroker in the state. Case No. 17-671 (July 21, 2017).

Welo was discharged by Cetera Advisor Networks supported by accusations of her loaning a customer funds. Welo was accused by Cetera of having in her possession blank signed forms from customers to effect transactions.

Tags: ,

Comments are closed.