Investigation: Ken Balser formerly of Cetera Advisors

If you invested money with Kenneth Alan Balser (FINRA CRD#: 704053), a former financial advisor in Colorado Springs, Colorado, it is important to know that this broker has been barred by FINRA due to allegations concerning private securities transactions.

At the Sonn Law Group, we have been advocating fiercely for investor for almost three decades, and we want to ensure that our clients are compensated when they are victims of financial fraud.

If you believe you lost money as a result of investing with Ken Balser, you should speak with an experienced securities fraud attorney as soon as possible.

Investigation Into Kenneth Balser’s Private Securities Transactions

Kenneth Alan Balser formerly worked as a financial advisor with Cetera Advisors LLC in that firm’s Colorado Springs, Colorado location. According to the FINRA disciplinary action documents, Balser first entered into the securities industry nearly a decade ago in September 1999. He was first registered as a General Securities Representative, and later registered with other FINRA member firms. In October 2013, he began working for Cetera Advisors LLC as a General Securities Representative and a General Securities Principal.

On July 18, 2016, Cetera Advisors LLC terminated Balser’s employment, and his registration with FINRA ended shortly thereafter. FINRA launched an investigation into Balser’s private securities transactions that were in violation of Cetera’s policies, and in November 2016, FINRA made a request for Balser to provide documents and information about the investigation. When Balser did not respond, FINRA extended Balser’s allotted time to respond to the request, yet he did not produce the materials. According to the FINRA disciplinary documents, Balser acknowledged receipt of FINRA’s requests, but made the decision to “not produce the information requested or appear for his on-the-record testimony at any time.” In refusing to meet these requests, FINRA has found Balser to be in violation of several FINRA rules.

As a result, Balser has been barred from associating with any FINRA member firm in any capacity.

Duty of Brokerage Firms to Supervise Brokers and Their Dealings

Generally speaking, brokerage firms like Cetera Advisors LLC have a duty to investors (to clients) to monitor customer accounts and to make sure that individual financial advisors are providing proper advice and service to the investors. Brokerage firms also must ensure that their employees follow the rules set forth by FINRA, and that they comply with all state and federal laws.

If a brokerage firm does not properly monitor its financial advisors, it may be responsible if a financial advisor breaches his or her fiduciary duty.

Contact an Aggressive Securities Fraud Attorney Today

Did you lose money after investing with Kenneth Balser? You may be able to file a claim for compensation. It is extremely important to discuss your case with an experienced securities fraud attorney. An advocate at our firm can speak with you today. We represent clients across nationwide. Contact the Sonn Law Group to learn more about how we can assist you.