Former Cetera Advisors LLC Broker Ken Balser Tesoro Del Alma, Inc. (Gold Mine) Losses
Posted on Wednesday, January 22nd, 2020 at 9:35 pm
Erez Law is currently investigating former Cetera Advisors LLC broker Ken Balser (CRD# 704053) regarding Tesoro Del Alma, Inc. (Gold Mine) losses. Balser was registered with Cetera Advisors LLC in Colorado Springs, Colorado from 2013 to 2016, when he was terminated regarding, “representative engaged in private securities transactions in violation of firm policy.”
In January 2017, the Colorado Division of Securities revoked Balser’s license, following allegations that he “solicited no less than seventeen (17) clients to invest in Tesoro Del Alma, Inc. (Gold Mine). Those seventeen (17) clients ultimately invested a total of $1,491,600 in Tesoro Del Alma, Inc., between August 2014 and March 2016. Balser solicited these investments without disclosing his activities to his employer member firm.”
In December 2016, FINRA barred Balser after he consented to the sanction and to the entry of findings that he refused to appear for testimony and provide documents and information requested by FINRA during the course of an investigation into allegations that he engaged in private securities transactions in violation of his member firm’s policy.
Balser has been the subject of three customer complaints between 2018 and 2019, according to his CRD report:
October 2019. “Violation of federal and Colorado securities laws, breach of contract, common law fraud, breach of fiduciary duty, and negligence and gross negligence.” The customer is seeking $103,664.82 in damages and the case is currently pending.
June 2019. “Violations of Federal, Colorado, and South Carolina Securities Laws, Violation of Colorado Consumer Protection Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, and Negligence and Gross Negligence.” The customer is seeking $140,910 in damages and the case is currently pending.
October 2018. “Unsuitable investment, violation of Wyoming and Colorado Securities Act, Violation of Colorado Consumer Protection Act, Breach of Contract and Fiduciary Duty, Common Law Fraud, and Negligence.” The customer is seeking $250,000 in damages and the case is currently pending.
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 Advisors LLC may be liable for investment or other losses suffered by Balser’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.