Cetera Advisors LLC Broker Roger Owens Investment Loss Investigation
Posted on Wednesday, January 22nd, 2020 at 9:46 pm
Erez Law is currently investigating Cetera Advisors LLC broker Roger Owens (CRD# 2359204) regarding investment losses. Owens has been registered with Cetera Advisors LLC in Elkton, Maryland from 2007 to April 2019, when he was terminated regarding, “Discharged due to violating firms policies and procedures by participating in unapproved private securities transactions.”
In August 2019, Owens was suspended for 12 months and ordered to pay a civil and administrative penalty and fine of $10,000 as well as $59,471 in disgorgement. According to BrokerCheck, “Owens consented to the sanctions and to the entry of findings that he engaged in private securities transactions without providing notice to, or obtaining approval from, his member firm. The findings stated that Owens solicited investors to purchase promissory notes relating to a purported real-estate investment fund. Owens sold $1,170,000 in promissory notes to investors, four of whom were firm customers. Owens received $59,471 in commissions in connection with these transactions. Later, the fund filed a voluntary Chapter 11 bankruptcy petition. The United States District Court for the Southern District of Florida issued final judgments against, among others, the fund and its former owner. Those judgments required the fund and its former owner to, among other things, disgorge their ill-gotten gains and also required the former owner to pay a civil penalty. The findings also stated that Owens falsely attested in compliance questionnaires that he had not engaged in any private securities transactions without receiving prior written approval from his firm.”
Owens has been the subject of four customer complaints between 2018 and 2019, according to his CRD report:
December 2019. “Violations of Federal Securities Laws, Violations of Maryland’s Securities Act and Consumer Protection Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, and Negligence.” The customer is seeking $100,000 in damages and the case is currently pending. This complaint is regarding Woodbridge Mortgage Investment Funds.
December 2019. “Violations of Federal Securities Laws, Violation of Maryland’s Securities Act and Consumer Protection Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty, Negligence.” The customer is seeking $150,000 in damages and the case is currently pending. This complaint is regarding Woodbridge Mortgage Investment Funds.
September 2019. “Violations of federal, Delaware, and Maryland securities laws, breach of contract, breach of fiduciary duty, and negligence.” The customer is seeking $125,000 in damages and the case is currently pending. This complaint is regarding private placements.
April 2018. “Violation of Federal and State Securities Laws, Breach of Contract and Fiduciary Duty, Common Law Fraud, and Negligence.” The customer sought $95,000 in damages and the case was settled for $45,000. This complaint is regarding Woodbridge Mortgage Investment Funds.
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 Owens’ 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.