Keith Michael Rogers, of Hamilton, Alabama, a stockbroker formerly registered with G.L.S. & Associates, Inc., has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or broker, or otherwise associating with any firm which provides investment advice or sells securities to the public, according to an Order Instituting Administrative And Cease-and-Desist Proceedings containing findings that Rogers committed securities fraud. In the Matter of Keith Michael Rogers, File No. 3-17626 (Oct. 14, 2016).
According to the Order, from 2009 to 2014, unregistered securities were offered or sold by Rogers, in which he effected fund transfers that were unauthorized and ultimately converted customers’ funds to be used for his personal gain. The Order stated that Rogers established a private entity in order to misappropriate more than $2,500,000.00 from investors. Evidently, Rogers made misrepresentations to investors by stating that there were investment programs which investors’ funds would be placed into for purposes of bond and stock investments. The Order also noted that Rogers pled guilty to committing securities fraud. State of Alabama v. Keith Michael Rogers, Crim. Case No. CC-2015-003019 (Mar. 4, 2016).
Rogers was also barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with an investigation into allegations that he misappropriated customers’ funds via transferring customers’ funds from their bank accounts to a bank accounts which Rogers controlled. Letter of Acceptance, Waiver and Consent, No. 2014041532601 (Sept. 30, 2014). According to the AWC, Rogers’ counsel reported to FINRA personnel that Rogers would not be providing recorded testimony before FINRA, which led FINRA to find that Rogers’ failure to cooperate was conduct violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that on July 11, 2014, a customer filed an investment related arbitration claim involving Rogers’ conduct, in which customers collectively requested $2,146,409.12 in damages based upon allegations that Rogers, while associated with Warren Averett Asset Management, LLC, committed fraud; misappropriated customers’ funds; made unsuitable investment recommendations; and made omissions and misrepresentations to the customers concerning risks, fees, and interest associated with real estate securities and direct investment programs.
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