Silver Law Group is investigating Colorado-based Cetera Advisors LLC (CRD# 10299) broker Ken A. Balser (CRD# 704053) after FINRA permanently barred him.
According to Balser’s FINRA BrokerCheck report, FINRA permanently barred Balser from acting as a broker or otherwise associating with firms that sell securities to the public. The permanent bar follows Cetera Advisor’s discharge of Balser in July 2016 due to allegedly engaging in private securities transactions in violation of Cetera Advisors policy.
Balser, according to the FINRA BrokerCheck report, consented to sanctions and the entry of findings that he refused to appear for testimony and provide documents and information requested by FINRA for an investigation into the allegations that Balser had engaged in private securities transactions with Cetera Advisors.
According to Balser’s detailed CRD report, Balser owned operated under his own firm under the Cetera Advisors umbrella called Secure Wealth Management. Further, Balser also sold fixed insurance with various companies. Balser also was a Dave Ramsey radio show sponsor.
Prior to working at Cetera Advisors, Balser had been employed by LPL Financial LLC (CRD# 6413) from 2012 to 2013. At bother Cetera Advisors and LPL Financial, Balser was based out of the Colorado Springs, Colorado branches.
Cetera Advisors is part of Cetera Financial Group’s extensive network of independent brokerage firms, many of which came to be owned by a common owner when Nicholas “Nick” Schorsch and RCS Capital Corp. went on an acquisition spree to acquire brokerage firms.
Many of the firms under then Cetera network have a history of selling alternative investments, including Schorsch and RCS Capital’s penchant business development companies (“BDCs”), non-traded REITs, oil and gas drilling partnerships, and private placements. Our firm has compiled a list of some of the non-traded REITs and BDCs.
Alternative investments can be riskier than more traditional investments because they can have high commissions, limited liquidity and can be complex. In fact, FINRA arbitration has seen a sharp rise in securities arbitration claims relating to alternative investments.
Our lawyers are experienced and seasoned veterans when it comes to securities litigation, guiding hundreds of clients through the FINRA arbitration process and winning millions of dollars for them.
If you invested with Ken A. Balser and Cetera Advisors and have sustained losses, you may be entitled to recover some of your investment losses. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.