Haselkorn & Thibaut, a nationally recognized investment fraud law firm, has opened an investigation into Houston, Texas-based financial advisor Raphael Fernando (CRD# 4469669), a registered representative with Cetera Investment Services and a former advisor with BOK Financial. If you or someone you know has invested through Mr. Fernando or been recommended non-traded real estate investment trusts (REITs), read on for the latest updates, potential red flags, and your options for seeking recovery.
Who Is Raphael Fernando, Cetera Investment Services – Houston, TX?
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Raphael Fernando is a financial advisor with over 23 years of industry experience. He is currently registered with Cetera Investment Services and Cetera Investment Advisers in Houston, Texas. Previously, he worked for BOK Financial Advisors and BOK Financial Securities, as well as Morgan Stanley and Morgan Stanley DW.
Clients turn to advisors like Fernando for guidance on complex investments, and rightly expect transparency and suitability. Recent disclosures about Fernando’s practice history, however, have raised concerns among investors, regulators, and now independent counsel at Haselkorn & Thibaut.
Summary of Recent Complaints and Allegations
According to the most current review of public financial industry records:
- More than 70 investor complaints have been reported involving Raphael Fernando.
- Many of these complaints allege misrepresentation and unsuitable recommendations regarding non-traded real estate investment trusts (REITs).
- Most complaints trace back to Fernando’s time with BOK Financial, when he recommended alternative investments that later became difficult to sell, especially during and after the COVID-19 market downturn.
- Investors cited difficulty accessing liquidity, unexpected risk, and material changes in their investment outcomes.
Detailed List of Complaints: Years, Types, and Resolutions
| Date Filed | Allegation | Product Type | Status/Resolution | Reported Damages |
|---|---|---|---|---|
| July 2025 | Misrepresentation, Unsuitable Recommendations | Non-Traded REITs | Pending | $100,000 – $500,000 |
| 2020-2024 | Misrepresentation, Failure to Disclose | Non-Traded REITs | Settled | $475,248.36 |
| 2020-2024 | Unsuitable Recommendations | Non-Traded REITs | Settled | $469,334.54 |
| 2020-2024 | Misrepresentation | Non-Traded REITs | Settled | $311,260.45 |
| 2020-2024 | Unsuitable Investment | Non-Traded REITs | Settled | $831,033.43 |
| 2020-2024 | Misrepresentation | Non-Traded REITs | Settled | $124,509.20 |
| 2020-2024 | Suitability, Disclosure Issues | Non-Traded REITs | Settled | $149,449.15 |
| 2020-2024 | Misrepresentation | Non-Traded REITs | Settled | $153,990.90 |
All told, dozens of individual complaints have resulted in settlements, many for large six-figure amounts. The total damages investors have claimed or recovered are substantial, especially when viewed together.
Regulatory and Disciplinary Actions
In July 2024, the Texas State Securities Board sanctioned Raphael Fernando, concluding he had recommended REITs to clients without fully understanding the products. This was deemed an “inequitable practice in the sale of securities in rendering services as an investment adviser.” He accepted a letter of reprimand in connection with this finding.
No SEC enforcement actions, FINRA regulatory actions, or public civil lawsuits have been filed against Raphael Fernando, according to current public records. Investors can verify registration and background at FINRA BrokerCheck by searching “Raphael Fernando” or CRD 4469669.
Advisor’s Perspective on the Complaints
Raphael Fernando maintains that all REIT recommendations were approved by BOK Financial, the firm he represented at the time. He states the investments were firm-directed, and all materials were provided and cleared by his employer. After property markets tightened during the pandemic, BOK Financial made a corporate decision to buy these investments back from clients, reflecting the settlement amounts reported.
What Does This Mean For Investors? Key Takeaways and Red Flags
- High Complaint Volume: Over 70 investor complaints is significantly above industry average and signals recurring concerns about product suitability and disclosure standards.
- Large Settlements: Numerous cases have settled for six-figure amounts, suggesting the magnitude of client losses.
- Regulatory Discipline: The advisor has received official reprimand—for failing to fully understand investment products recommended to clients—by a state securities board.
- Product Concentration: Most complaints focus on non-traded REITs sold from 2020 onward. These are complex, illiquid investments known for risk and lack of easy exit.
- Ongoing Investigation: Haselkorn & Thibaut is currently examining potential recovery options and reviewing possible misconduct.
Your Next Step: Free Investor Consultation
If you invested with Raphael Fernando, particularly in non-traded REITs—even if the losses happened years ago—you may have a claim for recovery. Haselkorn & Thibaut (1-888-994-8066) offers a free, confidential review of your situation. With over 50 years of collective experience, a 98% success rate, and millions recovered nationwide, our team is here to help investors evaluate their options. No recovery, no fee.
You do not need to face this process alone. If you are concerned about your investments with Raphael Fernando, Cetera Investment Services, or BOK Financial, call Haselkorn & Thibaut at 1-888-994-8066 for a free and confidential consultation.
