Ken Alan Balser of Colorado Springs Colorado a stockbroker formerly registered with Cetera Advisors LLC has been referenced in a customer initiated investment related arbitration claim which was settled for $35,695.00 in damages based upon accusations of Balser breaching a fiduciary duty do the customer and having defrauded the customer while employed by Cetera Advisors LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01394 (Sept. 8, 2020).
According to the claim, the securities broker dealer violated Colorado Securities and Consumer Protection Act and Pennsylvania Unfair Trade Practices and Consumer Protection Law. The claim also alleges that a contract between the customer and the securities broker dealer had been breached and that Balser’s negligence resulted in the customer’s losses.
FINRA Public Disclosure reveals that Balser has been identified in three more customer initiated investment related disputes containing allegations of his improper conduct while employed by Cetera Advisors. Balser is the subject of a customer initiated investment related arbitration claim which was resolved for $70,000.00 in damages supported by accusations including fraud and breach of fiduciary duty as it pertained to Balser’s private placement sales. FINRA Arbitration No. 18-03400 (Feb.. 20, 2020). The claim also alleges that Colorado’s and Wyoming’s securities laws had been violated.
Another customer initiated investment related arbitration claim concerning Balser’s conduct was settled for $210,000.00 in damages founded on allegations that Balser violated state and federal securities laws as it pertained to a gold mine investment. FINRA Arbitration No. 19-01351 (Feb. 20, 2020). The claim alleges that a fraud was perpetrated on the customer and that the stockbroker failed to abide by his fiduciary duty.
Balser has also been referenced in a customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages based upon accusations that a contract between the customer and the securities broker dealer had been breached and that the stockbroker’s private placement sales were both negligent and violative of securities laws. FINRA Arbitration No. 19-02338 (Feb. 20, 2020).
Balser’s stockbroker and investment adviser representative licenses have been revoked by Colorado Division of Securities according to a Consent Order containing findings of Balser making unsuitable investment recommendations to 17 Cetera Advisors customers. Case No. CDS 2017-0003. Customers were advised to invest in Tesoro Del Alma. The Division noted that the gold mine investors have not received any returns. The stockbroker sold away from Cetera Advisors according to the Division.
FINRA has also barred Balser from associating with any FINRA member in any capacity for obstructing an investigation into allegations of his private securities transactions during the time that he was registered with Cetera Advisors LLC. Letter of Acceptance Waiver and Consent No. 2016050727001 (Dec. 19, 2016). Balser violated FINRA Rules 2010 and 8210.
Balser has been discharged by Cetera Advisors for selling away.