At Haselkorn & Thibaut, we often speak with investors who took reasonable steps to protect their financial future, only to encounter unexpected challenges. A name that’s come up in recent discussions is Ivanhoe Vincent Ffriend, a financial advisor associated with Cetera Wealth Services, LLC and Cetera Investment Advisers, LLC. If you’re one of his clients or have worked with him in the past, there are a few developments worth understanding.
Recent Regulatory Sanctions
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In October 2024, FINRA entered into a Letter of Acceptance, Waiver, and Consent (AWC) with Mr. Ffriend. This led to a three-month suspension and a $7,500 fine. The findings involved two primary issues:
- Over 500 equity transactions were marked as “unsolicited,” although FINRA concluded they were recommended.
- Trades were executed in four customer accounts without formal written authorization or prior firm approval.
The rules cited included FINRA Rule 4511 (accurate recordkeeping), Rule 3260(b) (discretionary authority), and Rule 2010 (professional conduct). These types of violations are taken seriously by regulators because they impact the accuracy of client records and the nature of broker-client relationships.
Why This Matters to Clients
Labeling a trade as “unsolicited” implies the client initiated the transaction. When that’s not the case, it can affect how compliance departments view the suitability of recommendations and the overall supervision of the account. It may also alter a client’s understanding of whether an investment was guided by professional input.
Executing trades without explicit written permission—especially in multiple client accounts—raises concerns about oversight and whether firm protocols were followed correctly.
These are nuanced areas of compliance, but they can impact your investments in significant ways. The key issue is transparency—both in what clients are told and how records reflect that relationship.
Previous Customer Disputes
In addition to the recent FINRA action, Mr. Ffriend’s record includes two earlier customer disputes:
- 2003: While with JP Turner, a customer filed a claim for unauthorized trading. It was settled for $47,500.
- 1997: While registered with Investacorp, a client alleged misrepresentation. This matter also ended in a settlement, though the amount wasn’t publicly disclosed.
Settlements do not imply wrongdoing, but when combined with recent findings, they provide important context. Each incident involved concerns about communication and trade authorization, which are fundamental components of a professional financial relationship.
What Should Clients Consider?
If you have worked with Ivan Ffriend, here are a few things you may want to review in your own records:
- Were any of your trades labeled as “unsolicited” when they were actually recommended?
- Did any trades occur in your account that you don’t recall approving in writing?
- Are there discrepancies between your understanding of an investment and what ended up in your portfolio?
Even if your investments performed reasonably, understanding how decisions were made is part of financial clarity.
Quick Reference Table
| Issue | Description | Regulatory Reference |
|---|---|---|
| Mismarked Trades | 500+ trades labeled as client-initiated when they were not | FINRA 4511 / 2010 |
| Discretionary Trading | Trades made without written approval or firm authorization | FINRA 3260(b) |
| Suspension | Temporary registration bar from Nov 2024 to Feb 2025 | 3-Month Regulatory Action |
| 2003 Customer Dispute | Unauthorized trading, settled for $47,500 | Settlement |
| 1997 Customer Dispute | Misrepresentation, settled (amount not disclosed) | Settlement |
What You Can Do
Clients should never hesitate to ask questions. It’s your right to understand how your account has been handled. Here are some practical next steps:
- Request your trade confirmations and statements.
- Review whether any trades were labeled as unsolicited.
- Ask whether any discretionary trading occurred in your account.
- Note any investments that felt unfamiliar or unexpected.
These simple reviews can reveal important information. If something stands out, you don’t have to navigate the situation alone.
How Haselkorn & Thibaut Can Help
We are a national law firm focused on helping investors recover losses related to unsuitable investments, unauthorized trading, or miscommunication with their financial professionals. We understand how difficult it can be to determine whether an advisor acted within regulatory boundaries.
We are currently reviewing cases involving Ivan Ffriend and Cetera Advisors. If you suspect something was handled improperly in your account, we’re available to provide a no-cost, confidential consultation.
Our review will focus on the facts. We can help you understand whether your experience aligns with regulatory standards—and what your options are if something went wrong.
A Calm Conversation Can Make a Difference
Financial professionals are expected to act in your best interest. When there’s uncertainty about what happened—or when trades don’t align with your expectations—it’s reasonable to seek clarity. We often find that clients are unaware of what they’re entitled to ask about.
Even if you’re unsure whether you have a case, you can still benefit from a discussion with experienced legal professionals.
Connect with Us
If you’re concerned about past activity on your account, or just want a second opinion, we invite you to reach out.
Call Haselkorn & Thibaut at 1-888-885-7162 for a confidential, no-obligation consultation.
We’re here to help you gain clarity about your investments. Because peace of mind starts with understanding—and it’s worth the conversation.
