On August 29, 2019, the SEC filed charges against Cetera Advisors LLC ("Cetera"). The SEC stated: "Cetera breached this fiduciary duty and regularly and repeatedly put its financial interests ahead of its clients. Cetera received more than $10 million from breaching its fiduciary duty and defrauding its clients."

The SEC stated that "[It] charged Cetera Advisors, LLC, a registered investment adviser and broker-dealer based in Denver, Colorado, with breaching its fiduciary duty and defrauding its retail advisory clients by, among other things, failing to disclose conflicts of interest related to the firm's receipt of over $10million in undisclosed compensation."

The SEC stated that: "[It] filed an amended complaint on October 11, 2019 adding Cetera Advisor Networks LLC, a registered investment adviser and broker-dealer, as a defendant in its previously filed action against Cetera Advisors, LLC for defrauding retail advisory clients."

The SEC stated: "Cetera Advisors and Cetera Advisor Networks both breached their fiduciary duty and regularly and repeatedly put their financial interests ahead of their clients."

The Court stated: "Defendants Cetera Advisors LLC (“Cetera Advisors”) and Cetera Advisor Networks LLC (“Cetera Networks”) (collectively “Defendants”) . . . consented to the Court’s jurisdiction over them and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment."

On October 13, 2022, the SEC "obtained a final judgment against defendants Cetera Advisors, LLC and Cetera Advisor Networks, LLC, whom the SEC previously charged with defrauding their advisory clients by failing to disclose several sources of compensation."