Erez Law is currently investigating former Cetera Advisor Networks LLC broker Robert Burns (CRD# 4066393) regarding unsuitable investment recommendations. He has been registered with Cetera Wealth Services, LLC and Cetera Investment Advisers LLC in Greenwood Village, Colorado, since 2019. He was registered with Cetera Advisor Networks LLC in Greenwood Village, Colorado, from 2021 to 2023, Summit Financial Group Inc. in Greenwood Village, Colorado, from 2016 to 2021, Summit Brokerage Services, Inc. in Greenwood Village, Colorado, from 2016 to 2019, VSR Financial Services, Inc. in Greenwood Village, Colorado, from September to November 2016, and VSR Advisory Services in Greenwood Village, Colorado, from 2009 to 2016.
Robert Burns Customer Complaints
He has been the subject of four customer complaints between 2018 and 2023, according to his CRD report:
June 2023. “Claimants allege registered representative recommended unsuitable investments.” The case was settled for $125,000. The complaint was regarding common and preferred stock and mutual fund losses, and it took place while he was registered with Cetera Advisor Networks LLC.
April 2023. “Claimant alleges their registered representative recommended unsuitable investments.” The case was settled for $50,000. The complaint was regarding real estate and mutual fund losses, and it took place while he was registered with Cetera Advisor Networks LLC.
August 2019. “Client alleges overconcentration and unsuitable investments in alternative products. Allege firm failed to do due diligence of the alternative investments.” The customer sought $500,000 in damages, and the case was settled for $62,500. The complaint was regarding real estate securities, and other investments including Penneco 10, Carter Validus II, GMI, Cypress, KBS, Resource Real Estate Investors 7, and it took place while he was registered with VSR Financial Services, Inc. and Summit Brokerage Services Inc.
August 2018. “Client alleges unsuitable investments, negligence, and breach of fiduciary duty.” The case was settled for $150,000. The complaint is regarding real estate securities and UDF IV and took place while Burns was registered with VSR Financial Services, Inc. and Summit Brokerage Services Inc.
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 Robert Burns’ 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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