If Ray Weldon Was Your Financial Advisor, You Might Have a Serious Problem

If Charles Raymond Weldon — known professionally as Ray Weldon — was or is your financial advisor, take a closer look at your investment portfolio. Levin Papantonio, a nationally recognized law firm, is investigating potential claims on behalf of investors who say they were harmed by Weldon’s advice while he was registered with Cetera Advisor Networks and later, Independent Financial Group.

The allegations surrounding Weldon are serious. They suggest a pattern of risky and unsuitable investment strategies involving margin, concentrated stock positions, and insurance products that left clients with devastating losses. If you’re just now learning about this, here’s what you need to know — and what steps you can take if you believe you’ve been affected.

A Troubling Record of Complaints

Ray Weldon’s background as a financial advisor is peppered with red flags. According to publicly available regulatory data, there have been at least seven investor complaints against him, some of which have already resulted in settlements. One claim settled for $300,000 and alleged that Weldon concentrated too much of a client’s portfolio in similar types of securities, exposing them to outsized risk.

Several other complaints accuse Weldon of recommending an “unsuitable investment strategy” — industry language for advice that does not match a client’s financial goals, needs, or risk tolerance. In July 2023, another investor filed a complaint seeking $1 million in damages, citing negligence, breach of fiduciary duty, and failure to supervise.

Multiple, similar complaints could suggest a systemic pattern and investors should review their portfolio immediately.

The Risky Strategy That Allegedly Caused Catastrophic Financial Ham

Recent lawsuits allege that while employed by Cetera Advisor Networks and later by Independent Financial Group, Weldon advised investors to use a high-risk, complex investment strategy that involved concentrated stock positions, insurance products including Indexed Universal Life (“IULs”), and borrowing on margin—essentially, using debt to buy more securities.

Weldon reportedly told clients that the gains from their—sometimes concentrated—stock investments would be enough to pay the high costs of margin interest and premiums on insurance products. In practice, this strategy quickly spiraled out of control. The interest payments on margin loans outpaced the returns clients were making, and annuity premiums became unaffordable. Some investors lost their insurance investments entirely—resulting in total losses.

Others had to sell off investments at a loss just to meet the margin requirements. In a matter of months, customers’ investment accounts were decimated—and no viable way to recover on their own.

Brokerage Firms Have a Duty to Supervise

Weldon may have given the advice, but the responsibility doesn’t stop with him. Under rules enforced by the Financial Industry Regulatory Authority (FINRA), brokerage firms like Cetera Advisor Networks and Independent Financial Group have a legal duty to supervise their advisors’ conduct.

That includes making sure financial professionals are complying with industry standards and not putting clients in harm’s way. When financial advisors recommend unsuitable invesetment strategies — especially ones involving high-risk products like Indexed Universal Life products and margin accounts — their employers must step in. If they fail to do so, the firms themselves can be held liable.

That’s exactly what Levin Papantonio is investigating now: whether these brokerage firms turned a blind eye while Weldon was advising clients to pursue dangerously flawed strategies.

What Is “Suitability” — and Why It Matters

The crux of many of the claims against Weldon boils down to this: he allegedly recommended investments that were not suitable for his clients. Under FINRA Rule 2111, financial advisors must have a reasonable basis to believe that a recommended investment or strategy is appropriate based on a client’s age, income, investment experience, risk tolerance, and long-term financial goals.

It’s not enough to simply sell a product — advisors must understand both the product and the client. Failing to do that is a violation of the rule. And in this case, several former clients allege that Weldon never took the time to understand what they needed — or worse, misled them entirely.

FINRA Arbitration May Be Your Best Option

If you’ve suffered losses while working with Ray Weldon, filing an individual arbitration claim through FINRA may be the best and faster path to recovery, especially if your losses are significant (typically $100,000 or more).

FINRA arbitration allows investors to present their claims outside of court. It’s often less expensive, more efficient, and more tailored to the complex nature of securities disputes. The process can hold not just the advisor, but also the firm accountable.

How to Know If You’ve Been Affected

You may not realize you’ve been harmed unless you take a closer look at your investment accounts. If any of the following apply to you, it’s worth talking to a securities attorney:

• You worked with Ray Weldon as your financial advisor at any point between 2017 and the present, especially while he was registered with Cetera Advisor Networks or Independent Financial Group.
• You invested in Indexed universal Life or other insurance products (including variable annuities).
• You experienced unexpected losses or were forced to liquidate investments to meet margin calls or pay high insurance product premiums.
• You were not fully informed about the risks of the investment strategy you were pursuing.
• You feel your investments no longer match your stated goals, risk tolerance, or financial situation.

Levin Papantonio Is Investigating

The attorneys at Levin Papantonio are currently investigating claims on behalf of investors who may have been harmed by Weldon’s investment strategies. With decades of experience in complex financial litigation, the firm has a strong track record of holding both financial advisors and firms accountable when investors are misled.

If you believe Weldon mismanaged your investments or encouraged you to pursue a risky strategy that ended in losses, Levin Papantonio wants to hear from you. The firm is offering free consultations to evaluate potential claims and help victims understand their legal options.

Final Thoughts: Don’t Wait to Act

Financial loss due to unsuitable investment advice can be emotionally and financially devastating. But you don’t have to deal with the aftermath alone. Regulatory tools exist to protect investors — and brokerage firms must be held accountable when they fail in their duties.

If Ray Weldon was your financial advisor and your portfolio doesn’t look like you expected it to, it’s time to ask tough questions. You may have been wronged — and you may be entitled to recover what you’ve lost.

Contact Levin Papantonio today to learn more about your rights and whether you may have a valid claim.