Last Updated: December 2024 (Bryan, TX)
David L. Rhodes Investigation Summary
Here’s what you need to know about Bryan, TX, stockbroker David L. Rhodes:
- Name: David Lee Rhodes
- Current Employer: Cetera Advisor Networks LLC, Cetera Investment Advisers LLC
- Function: Stockbroker / Financial Advisor
- Aliases: David Rhodes
- Primary Location: Bryan, TX
- CRD: 2620006
- Can David Rhodes be sued in FINRA arbitration? Yes
- Sanctioned by FINRA: Yes (Suspended and fined)
- Highest Settlement or Award: $557,143
- Sanctioned by Certified Financial Planning Board: Yes – Letter of Admonition
- Pending Customer Dispute: Real estate security-related allegations with unspecified damages (FINRA Arbitration Docket #24-01771).
If you’ve sustained damages from Mr. Rhodes, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With David Rhodes As Your Stockbroker?
David Rhodes has been the subject of several customer disputes and regulatory actions, including:
- Regulatory Action (2013): FINRA suspended Rhodes for 30 days and fined him $5,000 for failing to provide written notice of private securities transactions. He allegedly borrowed funds from customers via promissory notes without firm approval, violating FINRA Rules 2110 and 3040. The firm previously prohibited Rhodes from participating in any transaction to raise capital or solicit investors.
- Customer Dispute (Settled, 2022): In a FINRA arbitration case (Docket #21-02858), a customer alleged unsuitable recommendations in non-publicly traded real estate investment trusts (REITs). The case was settled for $250,000.
- Pending Dispute (Filed August 2024): A FINRA arbitration (Docket #24-01771) claims Rhodes recommended unsuitable investments in real estate securities. Damages are unspecified.
- Past Settlements (2007): Several customer disputes related to tax strategies and misrepresentation led to settlements.
Allegations of Broker Misconduct Against David Rhodes
Customers and regulatory authorities have alleged the following misconduct against David Rhodes:
- Unsuitable Investment Recommendations: Allegations include unsuitable REIT recommendations and real estate security investments, violating FINRA Rule 2111.
- Failure to Disclose Private Securities Transactions: FINRA disciplined Rhodes for failing to provide written notice or obtain approval for promissory notes issued through his entity, breaching FINRA Rule 3040.
- Tax Strategy Misrepresentation: Multiple customers alleged misrepresentation of tax strategies and incurred significant losses.
- Employer Termination: Rhodes was terminated from Lincoln Financial Advisors in 2011 for unauthorized issuance of promissory notes.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Recover Your Investment Losses Now With Rex Securities Law
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If you have suffered investment losses in an account handled by David Rhodes, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.