Our firm is investigating claims made by The Financial Industry Regulatory Authority (FINRA) when the regulator barred broker Ken Balser (Balser). According to FINRA settlement, Balser consented to sanctions that he refused to appear for testimony and provide documents and information to FINRA concerning allegations that he engaged in private securities transactions.
In July 2016, Cetera Advisors LLC (Cetera) discharged Balser for cause alleging that Balser engaged in private securities transactions.
According to Balser’s brokercheck records Balser has at least three disclosed outside business activities. These activities include a d/b/a Secure Wealth Management. In addition, Balser disclosed a fixed insurance business and Dave Ramsey Radio Show Sponsor. The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”. Often times brokers who engage in this practice use outside businesses in order to market their securities.