GIHAN ANIL FERNANDO (CRD #4469669) Has Regulatory and Customer Dispute Disclosures on FINRA BrokerCheck

GIHAN ANIL FERNANDO (CRD #4469669) is currently registered with Cetera Investment Services LLC and Cetera Investment Advisers LLC. We reviewed his BrokerCheck report on April 15, 2026. It reflects one regulatory event and 77 customer disputes. If you invested with Gihan Fernando and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

GIHAN ANIL FERNANDO FINRA BrokerCheck reflects one final regulatory event. A summary of that event is below:

On July 2, 2024, the Texas State Securities Board entered a final order involving Gihan Fernando. Gihan Fernando consented to the order to resolve the investigation. Gihan Fernando FINRA BrokerCheck states the regulator found he recommended clients purchase non-traded REITs without fully understanding the product. BrokerCheck says the matter resulted in a letter of reprimand.

Investor Disputes / Customer Complaints

GIHAN ANIL FERNANDO FINRA BrokerCheck reflects 77 customer dispute disclosures. Below are two examples from that section. FINRA BrokerCheck shows 75 additional customer dispute disclosures.

On February 4, 2026, a customer alleged certain features of a real estate security were misrepresented during the sales process on or around May 2015. Gihan Fernando FINRA BrokerCheck lists alleged damages of $84,000. The matter settled on February 27, 2026, for $82,514.45. BrokerCheck shows no individual contribution by Gihan Fernando.

On December 5, 2025, a customer alleged certain features of a business development company were misrepresented on or around February 2016. Gihan Fernando FINRA BrokerCheck lists alleged damages of $67,000. The matter settled on December 22, 2025, for $44,965.68. BrokerCheck shows no individual contribution by Gihan Fernando.

Rule Summary #1: FINRA Rule 2310 (Direct Participation Programs)

FINRA Rule 2310 applies to public offerings of direct participation programs and certain REITs. It addresses suitability, disclosure, and liquidity points that matter when these products are recommended to investors.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a reasonable basis for a recommendation. It also requires attention to the customer’s investment profile, including risk tolerance, liquidity needs, and time horizon.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Gihan Fernando:

Is currently registered with Cetera Investment Services LLC and Cetera Investment Advisers LLC.

Has passed the Securities Industry Essentials (SIE) exam. Gihan Fernando has also passed Series 31 and Series 7. He has passed Series 65 and Series 63.

Was previously registered with firms that include BOK Financial Advisers, BOK Financial Securities, Inc., Morgan Stanley, and Morgan Stanley DW Inc.

Kurta Law Can Help

If you worked with Gihan Fernando and have concerns about the handling of your account, Kurta Law may be able to help you review your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful Resources: Securities Attorney | What Is Securities Fraud?

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. The firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.