Haselkorn & Thibaut, a national securities fraud law firm with over 50 years of experience, a 98% success rate, and millions recovered for investors, has initiated an investigation into Patterson, CA financial advisor Philip F. Chao (CRD 4568140), currently with Cetera Wealth Services, LLC. If you invested with Philip F. Chao and have concerns about your portfolio—especially involving REITs or alternative investments—now is the time to understand your situation and explore potential strategies for recovery. No recovery, no fee. For a free, confidential case review, call Haselkorn & Thibaut at 1-888-994-8066.
Who is Philip F. Chao (CRD 4568140)?
Table of Contents
Philip F. Chao (full name: Philip Fu-Pei Chao) is a registered General Securities Representative with Cetera Wealth Services, LLC, operating primarily from Patterson, California. Since June 2021, he has been registered with Cetera and is also an Investment Adviser Representative with Cetera Investment Advisers, LLC since June 2023.
Chao’s career spans several notable firms:
- Cetera Advisor Networks LLC (2021–2023)
- Voya Financial Advisors, Inc. (2006–2021)
- Merrill Lynch (2004–2006)
- Morgan Stanley (2002–2004)
He holds a Certified Financial Planner (CFP) designation and has passed Series 7, 31, and 66 exams. His state licensures include California, Idaho, Texas, and Nevada, among others.
Summary Table:
| Advisor Name | Advisor’s CRD | Broker-Dealer |
|---|---|---|
| Philip F. Chao | 4568140 | Cetera Wealth Services, LLC |
Haselkorn & Thibaut’s Current Investigation
As part of their nationwide investor protection efforts, Haselkorn & Thibaut is actively reviewing investor accounts managed by Philip F. Chao. Their focus? Ensuring investors who may have experienced losses with Chao or his associated broker-dealer, Cetera Wealth Services, have every opportunity to recover their funds.
Key Facts and Background
- CRD Number: 4568140
- Primary Location: Patterson, CA
- Licensing: Fully current and in good standing across multiple states.
- Industry Experience: Over two decades, with tenure at various major brokerage firms.
- Other Business Interests: Financial services business ownership, insurance sales, and non-investment related work.
Complaints, Legal Disclosures, and Arbitration History
If you’re concerned about your investments with Philip F. Chao, it’s important to have a clear picture of his professional record. Haselkorn & Thibaut has carefully reviewed publicly available regulatory disclosures, including those from FINRA BrokerCheck, to provide the following comprehensive analysis:
| Type | Status and Details |
|---|---|
| Customer Complaints | FINRA Arbitration (January 2024, Case No. 24-00196): Filed against Mr. Chao over allegations of recommending multiple unsuitable REIT products while at Voya Financial Advisors. It was alleged that Mr. Chao misrepresented the risks and the potential for income/growth. The matter settled in August 2025 for $62,660. |
| Regulatory Actions | No reported FINRA, SEC, or state enforcement actions as of the latest disclosure. |
| Other Legal Events | No bankruptcies, liens, or judgments reported. |
| Current BrokerCheck Status | No other customer complaints or arbitrations. Employment history is continuous and licensing is active. |
Key Themes and Red Flags
- Unsuitability Allegations: The 2024 FINRA arbitration alleged recommendations did not align with the customer’s investment profile, referencing FINRA Rule 2111.
- Misrepresentation of Investment Risk: The same complaint cited misrepresentations about the risks and income potential of recommended investments, potentially constituting violations of FINRA Rules 2010 and 2020.
- Best Interest Standard: Since June 2020, Regulation BI requires advisors to put clients’ interests first in all securities recommendations. The arbitration highlights possible non-compliance with this requirement.
- Focus on Non-traditional Investments: The arbitration centered on REITs and alternative investments, which often carry unique risks, illiquidity, and complex disclosures.
How to Protect Your Investments
- Review your account statements for alternative investments you may not know or fully understand.
- Ask for the complete disclosure of all fees, risks, and investment purposes for each product sold to you by Philip Chao.
- Regularly conduct independent research—use resources like FINRA BrokerCheck for updated records.
- If you experienced unexpected losses, gather your investment documentation and seek a professional review.
Why Choose Haselkorn & Thibaut
- 50+ years of focused legal experience in securities fraud and investment recovery.
- National reach: Haselkorn & Thibaut helps investors recover losses from financial advisors and firms across the U.S., including Cetera Wealth Services, LLC.
- 98% success rate and millions returned to investors.
- Free, no-obligation consultation.
- No recovery, no fee. You don’t pay unless there is a successful recovery on your behalf.
Take Action—Request a Free Consultation Today
If you are a current or former client of Philip F. Chao of Cetera Wealth Services, LLC in Patterson, CA, and you have suffered losses in REITs, alternative investments, or any other products, don’t wait.
Call Haselkorn & Thibaut at 1-888-994-8066 for your no-cost, fully confidential consultation.
Time limits may apply to file your claim—act now to preserve your rights and maximize potential recovery.
Protect your financial future. Reach out today and let Haselkorn & Thibaut give you the insight and representation you deserve.
