Advisor Robert Burns (Burns), currently employed by Cetera Advisor Networks LLC (Cetera Advisor) has been subject to at least two customer complaints during the course of his career. According to a BrokerCheck report the customer complaints concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have represented dozens of investors who suffered losses caused by these types of high risk, low reward products.
Burns’ customers complain that they lost money investing in products such as Penneco 10, Carter Validus, GMI, Cypress, KBS REIT, Resource Real Estate, and UDF IV. UDF has been accused of being an investment fraud scheme.
In August 2019 a customer complained that Burns violated the securities laws by alleging that Burns recommended an overconcentration and unsuitable investments in alternative products and alleged the firm failed to do due diligence of the alternative investments. The claim alleges $500,000 in damages and is currently pending.
In August 2018 a customer complained that Burns violated the securities laws by alleging that Burns recommended unsuitable investments in alternative products. The claim settled for $150,000.