- January 31, 2020
- Cetera Advisors
Roger Owens (CRD # 2359204) was a Financial Advisor at Ceterea Advisors LLC in Elkton, MD. Roger Owens has been in the securities industry since since 1993 and previously worked at Legacy Financial Services, Inc., UVest Financial Services Group, Inc., Fortis Investors, Inc. and Banner Financial Services Group.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2019, FINRA sanctioned Roger Owens, suspending him for a period of twelve months, fining him $10,000, and ordering disgorgement of $59,471. The FINRA sanction was based on allegations that Roger Owens engaged in undisclosed private securities transactions.
Specifically, the FINRA sanction provided, “Owens solicited investors to purchase 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 findings also stated that “Owens falsely attested in compliance questionhnaires that he had not engaged in any private securities transactions without receiving prior written approval from his firm.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018058354501%20Roger%20L.%20Owens%20CRD%202359204%20AWC%20va%20%20%282019-1568420377448%29.pdf.
Roger Owens was discharged from Cetera in connection with these allegations.
In addition to the FINRA sanction, Roger Owens has three pending and one settled customer complaints disclosed on his CRD, alleging sales practice violations, including:
• 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.” Alleged damages are $100,000 and the matter is currently pending.
• 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.” Alleged damages are $150,000 and the matter is currently pending.
• December 2019 – “Violations of federal Delaware, and Maryland securities laws, breach of contract, breach of fiduciary duty, and negligence.” Alleged damages are $125,000 and the matter is currently pending.
• April 2018 – “Violation of Federal and State Securities Laws, Breach of Contract and Fiduciary Duty, Common Law Fraud, and Negligence.” The matter settled for $45,000.
For a copy of Robert Spiegel’s CRD, click https://brokercheck.finra.org/individual/summary/2359204#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.