On October 11, 2019, the SEC filed an amended complaint alleging as follows against Cetera Advisors LLC ("Cetera Advisors") and Cetera Advisor Networks LLC ("Cetera Advisor Networks"): "Cetera Advisors and Cetera Advisor Networks both breached their fiduciary duty and regularly and repeatedly put their financial interests ahead of their clients. Collectively, the Defendants received more than $21 million from breaching their fiduciary duty and defrauding their clients."

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 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."