Last Updated: October 2025 — Patterson, CA
Here’s what you need to know about Patterson, CA stockbroker Philip F. Chao:
- Name: Philip Fu-Pei Chao (listed as PHILIP F. CHAO) — CRD #4568140.
- Current Employer: Cetera Wealth Services, LLC (FINRA broker; Registered General Securities Representative since 06/09/2021); Investment Adviser Representative with Cetera Investment Advisers LLC since 06/29/2023. Primary branch location shown as Patterson, CA.
- Prior Firms: Cetera Advisor Networks LLC (2021–2023); Voya Financial Advisors, Inc. (2006–2021); Merrill Lynch, Pierce, Fenner & Smith Inc. (2004–2006); Morgan Stanley / Morgan Stanley DW Inc. (2002–2004).
- Other Business Affiliations: Fortune Financial (owner; DBA financial services, Patterson, CA); Independent insurance agent (fixed insurance sales); “Philip Chao – Rental Property” (spouse-owned); Axsome (Sales Manager; non-investment related, ~15–20 hrs/wk).
- CRD number: 4568140.
- Stockbroker / Financial Advisor: Yes — currently registered with 1 SRO; licensed in multiple states (including CA, ID, TX and NV approved 10/02/2025); exams passed include SIE, Series 7, 31, and 66; holds Certified Financial Planner designation.
- Can Broker be Sued in FINRA: Yes — customer disputes and arbitrations are brought through FINRA.
- Highest Award of Settlement: $62,660.89 (firm-paid; individual contribution $0), per a FINRA arbitration that settled on 08/01/2025.
If you’ve sustained damages from Mr. Chao, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Philip Chao As Your Stockbroker?
A FINRA arbitration was filed on January 25, 2024 (FINRA Case No. 24-00196) alleging that, while at Voya Financial Advisors, Inc., Mr. Chao recommended multiple Real Estate Investment Trust (REIT) products that were unsuitable and misrepresented the risks and potential for future income and growth. The product type is identified as Real Estate Security. The matter settled on August 1, 2025 for $62,660.89 (firm-paid; Mr. Chao’s individual contribution reported as $0).
Allegations of Broker Misconduct Against Philip F. Chao
- Unsuitability — customer alleged the recommendations were not consistent with the investor’s profile; FINRA Rule 2111 (Suitability) requires a reasonable basis and customer-specific suitability for recommendations.
- Misrepresentation / Omission of Material Risks — alleging risks and income potential were misrepresented; deceptive practices are prohibited by FINRA Rule 2020 and assessed under FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade).
- Best-Interest Obligations (where applicable) — for retail recommendations after June 30, 2020, the SEC’s Regulation Best Interest (Exchange Act Rule 15l-1) imposes a “best interest” care and disclosure obligation; REIT recommendations must meet this standard. (Contextual rule reference; time period of the alleged activity is not specified in the public summary.)
Registration & Qualifications Snapshot
- Current Registrations: Cetera Wealth Services, LLC (FINRA broker); Cetera Investment Advisers LLC (IA rep). Branch: Patterson, CA.
- States Licensed: CA, ID, NV (approved 10/02/2025), TX (among others).
- Exams Passed: SIE (10/01/2018), Series 7 (09/19/2002), Series 31 (10/21/2002), Series 66 (10/11/2002).
- Professional Designation: Certified Financial Planner (CFP).
Employment & Other Business Activities (as reported)
- Investment-related: Fortune Financial (owner/DBA; Patterson, CA); Independent Insurance Agent (fixed products).
- Non-investment related: Axsome (Sales Manager; ~15–20 hrs/week). Prior pharma roles also disclosed.
What This Means for Investors
REITs and other real-estate securities can be illiquid, income-sensitive, and carry sector-specific risks. Suitability and, where applicable, Reg BI best-interest standards require brokers to match recommendations to the customer’s objectives, risk tolerance, and liquidity needs, and to fully and fairly disclose material risks. If you were recommended complex or illiquid real-estate products without appropriate diligence or disclosure, you may have a claim to recover losses through FINRA arbitration.
Recover Your Investment Losses Now With Rex Securities Law
Our Investigations of other Cetera brokers
If you have suffered investment losses in an account handled by Philip F. Chao, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
Firms We Have Pursued On Behalf of Our Clients
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.