Rob Burns, Registered Representative with Cetera Advisors Networks, Involved in $500,000 Customer Dispute

Rob Burns is facing allegations of overconcentration and recommending unsuitable investments in alternative products.

The Sonn Law Group is investigating allegations that Rob Burns committed misconduct. Under FINRA Rules, brokerage firms are liable for their brokers’ misconduct or negligence and investors may be able to their investment through FINRA arbitration. Contact Sonn Law Group today or call us at 866–827–3202 for a free consultation.

Rob Burns (CRD#:4066393) is currently involved in a customer dispute in which the client alleged that he overconcentrated their portfolio and recommended unsuitable investments in alternative products. The customer also alleged that Cetera Advisor Networks failed to do proper due diligence regarding the alternative investments. The customer is seeking $500,000 in damages and the dispute is still pending. According to his BrokerCheck report, Burns disagrees with the customer’s allegations and plans to defend himself.

Alternative investments — also known as private placements — are only suitable for a small percentage of investors (“accredited investors”) that have a high degree of financial literacy and an annual income of at least $200,000. These guidelines for income and net worth have not changed since 1983, creating a problem for current investors. Many individuals and families now qualify as accredited investors based on their income, but are not actually qualified to take on these investments.

Alternative investments often have higher fees associated with them than traditional investment vehicles, and they are more volatile. The majority are invested in illiquid investments, making them difficult to exit and price on a regular basis.

Burns has been involved in one other customer dispute in August of 2018. The client alleged that Burns recommended unsuitable investments, acted negligently, and breached his fiduciary duty. That dispute was settled for $150,000.

In addition to Cetera Advisor Networks, over his 18 years in the securities industry, Rob Burns has also worked for the following broker-dealers:

• Summit Brokerage Services, Inc. (CRD#: 34643) of Greenwood Village, Colorado (2016–2019)
• VSR Financial Services, Inc. (CRD#: 14503) of Greenwood Village, Colorado (2016)
• Beck, Inc. (CRD#: 1763) of Greenwood Village, Colorado (2009–2016)
• Charles Schwab & Co., Inc. (CRD#: 5393) of San Francisco, California (2000–2002)
• American Century Investment Services Inc. (CRD#: 17437) of Kansas City, Missouri (2000)

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional recommended unsuitable investments, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.