Last Updated: November 2025 — Patterson, CA
Here’s what you need to know about Patterson, CA stockbroker Philip F. Chao:
- Name: Philip Fu-Pei Chao
- 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
- Highest Award or Settlement: $62,660
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 in January 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 matter settled in August 2025 for $62,660.
More on REITs and Other Alternative Investments
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— 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.
Recover Your Investment Losses Now With Rex Securities Law
Investigation of Cetera Financial Brokers-Lawsuits, Arbitrations & Disputes
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.
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Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.