Former Cetera Broker, Jerry Michna, Has Pending Customer Complaint Regarding The Sale Of Oil & Gas Investments

The Wolper Law Firm is currently investigating claims against Jerry Michna, a former Financial Advisor at Cetera Advisors Networks in Louisville, Ohio. Jerry Michna has been in the securities industry since the 1990s and previously worked at Questar Capital Corp.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 23, 2018, a customer filed a complaint against Jerry Michna, alleging unsuitable energy sector investments. The alleged damages are $250,000 and the matter remains pending.

In recent years, Financial Advisors recommended energy sector investments because the price of oil was high, which helped the balance sheet of energy sector companies and, in turn, their stock price. Moreover, energy companies paid above-average dividends to shareholders. Beginning in late 2014, the price of oil began to decline, causing a cascading effect to occur in the value of energy sector securities. Customers that were recommended to invest in energy sector securities for either price appreciation or high income experienced substantial and often times irreplaceable losses in the value of their investments.

In April 2016, a second customer filed a complaint against Jerry Michna, alleging unsuitable equity investment recommendations. This matter was settled for $75,000.

A For a full copy of Jerry Michna’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2711435#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer Jerry Michna and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.