Marianne O’Shee Smith, Formerly of Cetera Advisors, Barred by FINRA Following Diversion of Client Funds

INVESTORS: Former Cetera Advisors broker Marianne O’Shee Smith was barred by FINRA following allegations that she diverted over $45,000 from the accounts of three senior customers into a mutual fund account in her son’s name.

Marianne O’Shee Smith (CRD#:1587765) was registered as a broker with Cetera Advisors from 2016 until 2021. Previously, Smith was registered as a broker with Investors Capital Corporation from 2008 until 2016.

Smith has one disclosure on her BrokerCheck report. 

April 2022 Regulatory Judgment

Status: Final

Initiated By: FINRA

Allegations: Without admitting or denying the findings, Smith consented to the sanction and to the entry of findings that she converted $45,100 from member firm senior customers. The findings stated that firm customers gave Smith checks totaling $45,100 made payable to a mutual fund company affiliated with the firm. The customers, all of whom were senior citizens, directed Smith to use the checks to fund their mutual fund investments. Smith instead used the customer checks, without their prior knowledge or consent, to purchase mutual fund shares for a family member of Smith. On each customer check, Smith wrote her family member’s mutual fund account number and the fund ticker symbol and sent the check to the mutual fund company to be credited to the family member’s account. After discovery of Smith’s misconduct, the customers were reimbursed in full.

Resolution: Acceptance, Waiver & Consent (AWC)

Sanctions: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Indefinite

Start Date: 4/5/2022

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