Cetera’s Ken Balser Allegedly Sells Bad Tesoro Del Alma Investments
The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of misconduct by securities broker Ken Balser (CRD#: 704053, Colorado Springs, Colorado). The former Cetera Advisors securities broker, who the firm disaffiliated with for private securities transactions, has been involved in four disputes and a pair of regulatory actions. Notably, FINRA barred the securities broker for basically stonewalling an investigation. And the investors’ disputes suggest that Balser was deceptive and breached a fiduciary duty, paving the way for their losses. Here’s more.
Cetera Advisors Client Indicates Ken Balser Violated Securities Laws
Apparently, on May 12, 2020, Cetera Advisors received notice of a FINRA Arbitration Claim from a client about Ken Balser. Notably, the client indicated that Balser’s actions triggered violations of federal securities laws and state securities laws. Also, the securities broker supposedly failed to comply with Pennsylvania Unfair Trade Practices Act and Colorado Securities and Consumer Protection Act. Moreover, Balser purportedly breached his fiduciary responsibility to the client, failing to place the client’s interests ahead of his own when it came to the client’s investment in a gold mine. Moreover, the client indicated that Balser was negligent and deceptive. For this reason, the client demands $100,000 in this ongoing matter.
Evidently, a second Cetera Advisors clients brought a FINRA Arbitration Claim to contest Ken Balser’s sales of a private placement. The securities firm received the complaint on August 16, 2019. Supposedly, Balser failed to live up to a contract and had failed to meet his fiduciary duty to his client, instead acting deceptively. In addition, the client suggested that Balser was grossly negligent. For this reason, Cetera Advisors opted to pay the client $75,000 to settle on February 20, 2020.
Ken Balser, Cetera Allegedly Negligent For Failed Gold Mine Investment
Another Cetera Advisors client brought a FINRA Arbitration Claim on June 13, 2019 to contest Ken Balser’s actions. Mainly, the client suggested that Balser was negligent in recommending or facilitating the client’s purchase of a gold mine. Apparently, there was a breach of contract and breach of fiduciary duty by Balser regarding the investment. Moreover, this client indicated that Balser violated securities laws in Colorado and South Carolina. Because of this, Cetera Advisors paid the client $210,000 in a February 20, 2020 settlement.
FINRA, Colorado Division Of Securities Disqualify Balser As Broker
Evidently, Colorado Division of Securities’ 2017 Stipulation and Consent Order revoked Ken Balser’s Colorado investment adviser license and sales representative license. Notably, Balser allegedly had 17 clients buy Tesoro Del Alma, Inc., the gold mine investment which has reportedly not produced a return for investors. Clients bought almost $1.5 million in shares from 2014 to 2016. Supposedly, Balser recommended or sold those gold mine investments behind Cetera Advisors’ back.
Also, FINRA permanently barred Ken Balser in 2016 for violating FINRA rules. Mainly, Rule 8210 allows FINRA to require that a broker testify and furnish documents and information when the broker is under investigation. Apparently, FINRA tried to learn more about Balser’s alleged private securities transactions. However, when it asked for Balser to turn over documents and information in November 2016, Balser froze up. The securities broker also opted against testifying about his actions.
Did Ken Balser Sell You Bad Investments?
Have you experienced losses by investing with a securities broker or financial advisor named Ken Balser? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers and financial advisors.