Cetera Advisors Roger Owens SUSPENDED – Investor Investigation

Cetera Advisors Roger Owens

Haselkorn and Thibaut, InvestmentFraudLawyers.com, is investigating Roger Lee Owens, a former advisor with Cetera Advisors. We seek to talk to any customers, but specifically ones that have suffered significant investment losses while working with him.

Cetera Advisors dismissed Roger Owens last year, alleging that he was involved in unapproved private investment transactions. Just a couple of months later, FINRA suspended Owens for a year.

He allegedly asked investors to purchase $1,170,000 promissory notes relating to a real estate investment fund. The fund later filed for bankruptcy protection. However, the sales allowed the former broker Cetera Advisors to make $ 59,471 in commissions. He agreed to FINRA sanctions but did not deny or admit the report from FINRA.

According to BrokerCheck Roger Owen’s record, there are four customer disputes, three of which are pending. Allegations against him include:

  • Breach of fiduciary duty
  • Negligence
  • Common Law fraud
  • Breach of contract

With 25 years in the industry, Owens was an advisor at 4 other brokerage firms, including Fortis Investors, Legacy Financial Services, Uvest Financial Services, and Banner Financial Services.

SEC Adds Cetera Advisors to Lawsuit

Last year was the US Securities and Exchange Commission (SEC) filed civil charges accusing Cetera Advisors of defrauding customers of $10M in fees and commissions that were unjust.

SEC argues that customer money was placed in very expensive share fund classes when they could have been placed in less expensive fund classes. SEC added to the Cetera Finance Group as a defendant of this civil fraud lawsuit. The SEC is now seeking $21M in damages.

Haselkorn & Thibaub Investigates Cetera Advisors For GPB Capital

Roger Owens is not the only former broker Cetera Advisors that our lawyers at Haselkorn & Thibaut are investigating. We are also looking at the claims of investors involved in many other former representatives of Cetera Advisors.

Specifically, we are investigating customer complaints relating to GPB Capital investments, which were sold to customers by Cetera Advisors. GPB Capital Holdings has been accused of operating a $1.8B Ponzi scam, and Cetera is one of the many broker-dealers who, in addition to their brokers, made over $160M in commissions from the sales.

FINRA has already arbitrated claims against many broker firms that sell private GPB placements, including Kalos Capital, Arkadios Capital, and Ameriprise, by  investment fraud attorneys.

Investment Loss Recovery

If you suffered losses while working with a Cetera broker and you think that these losses are negligence or fraud, contact Haselkorn & Thibaut today. Brokers dealers can be liable for negligent or fraudulent acts of their brokers, even if they are no longer with the firm.

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