Investigation Launched into Houston Financial Advisor Raphael Fernando Following Multiple Investor Complaints
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Haselkorn & Thibaut has opened an investigation into Houston-based financial advisor Raphael Fernando (CRD# 4469669) following more than 70 investor complaints filed against him. The national investment fraud law firm is examining allegations of unsuitable investment recommendations and potential misconduct related to real estate investment trusts (REITs).
Understanding Raphael Fernando’s Background and Current Status
Raphael Fernando brings 23 years of securities industry experience to his practice in Houston, Texas. Currently registered with Cetera Investment Services as a broker and Cetera Investment Advisers as an investment advisor, Fernando transitioned to these firms in 2024 after leaving BOK Financial.
His professional history includes registrations with several prominent financial institutions:
- BOK Financial Advisors
- BOK Financial Securities
- Morgan Stanley
- Morgan Stanley DW
Red Flags for Investors: Examining the Complaint Record
The sheer volume of complaints against Fernando raises significant concerns. More than 70 investor complaints appear on his FINRA BrokerCheck report, with most filed between 2020 and 2024. These complaints share troubling similarities that investors should understand.
Pattern of REIT-Related Complaints
The majority of complaints center around non-traded real estate investment trusts (REITs), complex investment products that can be difficult for average investors to understand. Non-traded REITs typically carry higher risks than publicly traded alternatives, including:
| Risk Factor | Impact on Investors |
|---|---|
| Limited Liquidity | Difficulty selling when needed |
| High Fees | Reduced returns over time |
| Complex Valuations | Unclear true worth of investment |
| Market Sensitivity | Vulnerable to real estate downturns |
Substantial Settlement Amounts
The financial impact on investors has been considerable. Settlement amounts have reached hundreds of thousands of dollars, including:
- $831,033.43
- $475,248.36
- $469,334.54
- $311,260.45
- $153,990.90
- $149,449.15
- $124,509.20
A pending complaint filed in July 2025 alleges damages between $100,000 and $500,000, suggesting ongoing concerns about Fernando’s investment recommendations.
Regulatory Actions and Professional Sanctions
Beyond customer complaints, Fernando faced regulatory scrutiny from the Texas State Securities Board in July 2024. The board found that he “recommended clients purchase REITs without fully understanding the product,” constituting an inequitable practice in securities sales.
This finding is particularly concerning because financial advisors have a duty to understand the investments they recommend. When advisors suggest complex products without proper knowledge, they potentially violate their fiduciary responsibilities to clients.
Fernando’s Response and the BOK Financial Connection
In his statements, Fernando attributes the complaints to BOK Financial’s policies, claiming the firm approved and directed him to sell these REIT products. He states that BOK Financial conducted due diligence and provided all documentation used in client presentations.
While this explanation provides context, it doesn’t absolve advisors of their individual responsibilities. Financial professionals must independently evaluate whether investments suit their clients’ needs, regardless of employer directives.
What This Means for Current and Former Clients
If you invested with Raphael Fernando, particularly in non-traded REITs, you should carefully review your account statements and investment performance. Warning signs that warrant immediate attention include:
- Difficulty accessing your invested funds
- Significant losses in REIT investments
- Investments that seemed unsuitable for your risk tolerance
- Lack of clear explanations about investment risks
- Pressure to invest in specific products
Steps to Protect Your Financial Future
Taking prompt action can help protect your interests. Consider these important steps:
- Document everything – Gather all investment statements, correspondence, and notes from meetings
- Calculate your losses – Determine the total amount invested versus current value
- Review your investment objectives – Compare what you requested with what was purchased
- Seek professional guidance – Consult with experienced securities attorneys who understand these complex matters
Why Time Matters in Investment Loss Recovery
Securities claims have strict time limitations. Waiting too long can forfeit your right to recover losses, even when clear misconduct occurred. The sooner you act, the better your chances of recovering your investment losses.
How Haselkorn & Thibaut Can Help
With over 50 years of experience and a 98% success rate, Haselkorn & Thibaut has recovered millions for investors nationwide. The firm operates on a “No Recovery, No Fee” basis, meaning you pay nothing unless they recover money for you.
Their investigation into Raphael Fernando focuses on helping investors understand their rights and options. Every investor’s situation is unique, requiring personalized analysis of losses and potential claims.
If you’ve suffered investment losses with Raphael Fernando or have concerns about your REIT investments, don’t wait. Call Haselkorn & Thibaut today at 1-888-628-5590 for your free consultation. Their experienced team can review your situation, explain your options, and help you take the necessary steps to protect your financial future.
Remember, you don’t have to face investment losses alone. Professional help is available, and taking action now could make a significant difference in recovering your hard-earned money.
