There are options for clients of barred former Cetera Advisor Networks LLC broker Conrad Coggeshall (CRD# 4383687) who suffered investment losses related to elder fraud. He was registered with Packerland Brokerage Services, Inc. in Scottsdale, Arizona, from 2015 to 2018. Previously, he was registered with USA Financial Securities Corporation in Peoria, Arizona, from 2014 to 2015 and with Cetera Advisor Networks LLC in Scottsdale, Arizona, from 2002 to 2013.
In November 2019, the Securities and Exchange Commission (SEC), charged him with raising $700,000 from elderly investors between April 2017 and May 2018. According to the complaint, he “told investors that they were investing in Business Owners Tax Relief, LLC, a successful mergers and acquisitions firm based in New York that would pay investors periodic interest at fixed rates. Instead, the complaint alleges that no such firm existed and Coggeshall deposited investors’ funds into brokerage and bank accounts for an Arizona company he owns with the same name. Coggeshall allegedly used those funds to trade securities, incurring significant losses, and to pay personal expenses, including the rent for his apartment. The complaint further alleges that Coggeshall also used funds from these accounts to make payments to investors, which he falsely represented were interest payments from the New York mergers and acquisitions firm.” He was sanctioned to pay $592,546 in civil and administrative penalties and fines.
In April 2020, the Arizona Corporation Commission Securities Division sanctioned him to pay a $150,000 civil and administrative penalty and fine and $4,524,873 in restitution regarding:
- selling or offering securities that were neither registered nor exempt from registration
- by offering or selling securities while neither registered as a dealer or salesman nor exempt from registration
- fraud in connection with the sale of securities
- control person liability
- by transacting business in Arizona as an Investment Adviser or as an Investment Adviser Representative while not licensed in compliance with Article 4 of the IM act
- fraud in provision of Investment advisory services.
In May 2020, FINRA barred him after he failed to respond to FINRA request for information.
In November 2020, the Securities and Exchange Commission (SEC) entered a judgment against him alleging that, between April 2017 and May 2018, he defrauded elderly investors.
According to the complaint, he “made multiple misrepresentations to investors, including that they were investing in BOTR, LLC, a successful mergers and acquisition firm based in New York, their investments were safe and insured, and they would receive periodic interest payments at a high, fixed rate.” According to the complaint, he instead “deposited investors’ funds into brokerage and bank accounts in the name of an entity that he owned and that did not engage in mergers or acquisitions… Coggeshall used investor funds to trade securities, incurring significant losses, and to pay personal expenses and to make payments to investors.”
Conrad Coggeshall Customer Complaints
He has been the subject of three customer complaints between 2020 and 2022, according to his CRD report:
October 2022. “Claimants allege that they were recommended unsuitable investments that resulted in losses.” The case is currently pending. The complaint took place while he was registered with Cetera Advisor Networks LLC, and it was related to real estate securities and TIC investment losses.
July 2020. “Claimants allege their registered representative recommended fraudulent and unsuitable investments.” The customer sought $1,812,600 in damages, and the case was settled for $75,000. The complaint took place while he was registered with Packerland Brokerage Services, Inc. and Cetera Advisor Networks LLC. The complaint was related to direct investments.
June 2020. “This was all filed through FINRA arbitration. The allegations covered a broad time range from roughly 2009 through 2018 and allegedly involved multiple broker dealers. Allegations were that investments were fake and gains were used for Coggeshall’s personal benefit.” The customer sought $2,812,600 in damages, and the case was settled for $224,300. The complaint took place while he was registered with Packerland Brokerage Services, Inc. and Cetera Advisor Networks LLC. The complaint was related to limited liability companies and fraudulent investment companies.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Cetera Advisor Networks LLC may be liable for investment or other losses suffered by Conrad Coggeshall’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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