Raphael Fernando, Houston, Texas – Cetera Investment Services: Investor Complaint Review
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Haselkorn & Thibaut (investmentfraudlawyers.com) has initiated an investigation into claims involving Raphael Fernando (CRD #4469669), a Houston, Texas-based financial advisor currently registered with Cetera Investment Services. If you have invested with Mr. Fernando and have concerns about your investments, you are not alone. In this report, we provide a thorough analysis of publicly reported complaints, regulatory findings, and background information on Raphael Fernando to help investors make informed decisions.
Quick Overview: Raphael Fernando at Cetera Investment Services
| Field | Value |
|---|---|
| Advisor Name | Raphael Fernando |
| CRD Number | 4469669 |
| Current Broker-Dealer | Cetera Investment Services |
| Location | Houston, Texas |
| Years of Experience | 23 Years |
| Previous Firms | BOK Financial Advisors, Morgan Stanley |
What Is Being Reported About Raphael Fernando?
Investors have filed over 70 complaints against Raphael Fernando alleging a variety of issues, particularly relating to real estate investment trusts (REITs). The Financial Industry Regulatory Authority (FINRA) BrokerCheck for Mr. Fernando discloses allegations such as misrepresentation and unsuitable investment recommendations made while he was associated with BOK Financial Securities. These claims stem from investments that, according to reports, became illiquid during the COVID-19 pandemic, leading to significant frustrations and losses for clients.
Recent and Notable Customer Complaints
- As of July 2025: An investor alleges misrepresentation and unsuitable recommendations involving non-traded REITs as a representative of BOK Financial Securities. The pending complaint seeks damages between $100,000 and $500,000.
- Between 2020 and 2024: Dozens of complaints of a similar nature were submitted. Many of these reached settlements, with individual investor payouts ranging from $124,509.20 up to $831,033.43 in a single case.
Summary of Settlements Paid to Investors
| Year/Period | Settlement Amount |
|---|---|
| 2020 – 2024 | $475,248.36 |
| 2020 – 2024 | $469,334.54 |
| 2020 – 2024 | $124,509.20 |
| 2020 – 2024 | $311,260.45 |
| 2020 – 2024 | $831,033.43 |
| 2020 – 2024 | $149,449.15 |
| 2020 – 2024 | $153,990.90 |
Regulatory Actions and Additional Disclosures
- Texas State Securities Board (July 2024): Reported that Mr. Fernando “recommended clients purchase REITs without fully understanding the product,” noting this as an “inequitable practice in the sale of securities.” He agreed to a letter of reprimand and entry of the order but maintains that he followed instructions provided by his then-employer.
- FINRA BrokerCheck Disclosures: For ongoing verification of Mr. Fernando’s record, visit FINRA BrokerCheck and search CRD #4469669. Details regarding the nature of each complaint, its status, and outcomes are available for public review.
Fernando’s Statement
Mr. Fernando has publicly stated that all documentation and instructions he relied upon were provided and approved by BOK Financial, his former employer. He asserts that the problems with these investments largely arose during the COVID-19 downturn, which led to liquidity problems in the real estate sector.
What Can Investors Learn?
- Multiple documented investor complaints, particularly regarding non-traded REITs, is a red flag for anyone considering or currently holding investments with this advisor.
- Regulatory discipline is an important disclosure that signals risk to current and prospective clients.
- Investors are encouraged to monitor their brokerage accounts regularly and be vigilant about investments that may involve risks or appear complex and illiquid, such as non-traded REITs.
- If you receive notices or offers regarding account settlements or buybacks, consider seeking an independent review from a qualified securities attorney.
What Should You Do If You Have Concerns?
If you have suffered losses, are unsure whether you received suitable investment advice, or simply want a professional review of your situation, Haselkorn & Thibaut offers a free and confidential consultation—there are no fees unless we recover for you. With over 50 years of combined experience
