Broker Roger Owens Allegedly Deceived Investors

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to securities broker Roger Lee Owens [CRD#: 2359204, Elkton, Maryland]. Notably, at least 4 clients filed formal disputes about the securities broker, who worked for Cetera Advisors between 2007 and 2019. Also, FINRA issued him a 12-month suspension and a $10,000 fine for selling Woodbridge investments without permission. Read on to learn more concerning the allegations against Owens.

Roger Owens Allegedly Sells Investments To Cetera Advisors Client In Violation Of Securities Laws

Supposedly, on December 3, 2019, a Cetera Advisors client filed FINRA Arbitration #: 19-03567 about Roger Owens. First of all, the client contended that Owens recommended or sold Woodbridge Mortgage Investment Funds. It appears that Woodbridge filed for bankruptcy afterwards. The client alleged that Owens or Cetera were in breach of contract and in breach of fiduciary duty. Supposedly, Owens or Cetera allegedly violated federal securities laws and Maryland Securities Act and Consumer Protection Act. Consequently, the client demanded $100,000 in compensation from Cetera Advisors or Owens. Evidently, this arbitration is pending a resolution.

Cetera Advisors Client Indicates That Owens Engaged In Deceptive Actions

Evidently, a client of Cetera Advisors contested Roger Owens through filing FINRA Arbitration #: 19-03218 on December 4, 2019. Allegedly, Owens deceived the client and breached a fiduciary duty, placing his interests ahead of the client’s interests. In addition, the client indicated that Owens negligently recommended or sold Woodbridge Mortgage Investment Funds. It seems that Owens recommended or sold the investments which caused the client to experience losses. As a result, the client asked for $150,000 in compensation from Cetera Advisors or Owens in this unresolved matter.

Roger Owens Allegedly Breaches Fiduciary Duty To Client By Pushing Private Placement

Apparently, on July 31, 2019, a Cetera Advisors client filed FINRA Arbitration #: 19-02130 concerning Roger Owens. First of all, the securities broker allegedly breached his duties to the client under contract and had failed to comply with his fiduciary responsibility. Secondly, the client alleged Cetera Advisors' or Owens’ negligence and violation of federal, Maryland and Delaware securities laws.  For this reason, the client asked for $125,000 in compensation from Cetera Advisors or Owens. Evidently, this arbitration is pending a resolution.

FINRA Suspends Owens For Woodbridge Promissory Notes

Notably, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2018058354501 on August 14, 2019 fining and suspending Roger Owens for engaging in private securities transactions by soliciting clients’ purchases of Woodbridge promissory notes when he worked for Cetera Advisors in violation of FINRA Rule 3280. Notably, FINRA mentioned that Owens made $59,471 in connection with selling $1,170,000 in Woodbridge notes to 14 investors, and 4 of those investors were Cetera Advisors clients. Also, FINRA reported that Owens falsely attested to Cetera that he did not engage in private securities transactions during the period in question. Owens’ suspension is effective between August 19, 2019 and August 18, 2020.

Did Cetera Advisors Securities Broker Roger Owens Sell You Bad Investments?

Have you experienced losses by investing with Roger Owens? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Owens.