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Clark Owen: $114K GWG Complaint Against Cetera Advisor

A recent investor complaint against Cupertino financial advisor Clark Owen (CRD# 6096730) alleges that an investment in GWG L bonds resulted in six-figure damages. Financial Industry Regulatory Authority records show that the Cetera Investment Services broker and investment advisor has also been terminated from a former member firm in relation to alleged rule violations.

Mr. Owen’s BrokerCheck report discloses one investor complaint. Filed in June 2022, it alleges that an investment in GWG L bonds led to damages of $114,000. For reference, GWG Holdings, the firm that issued L bonds, disclosed in its recent bankruptcy filings that the Securities and Exchange Commission was investigating sales of the products. 

A second disclosure on Mr. Owen’s BrokerCheck report concerns his 2015 termination from Voya Financial Advisors. According to the disclosure, the firm fired him in connection with allegations he failed to follow firm policy regarding “submission of advertisements prior to use.” In a statement on the disclosure, Mr. Owen commented: “I am very new to the industry and had been only licensed for about 5 months before the incident happened and was eventually terminated by Voya Financial. My future cautionary action is if I do need to advertise in the future, I will inform and get approval from my broker-dealer compliance officer to make sure that they are compliance to the SEC and FINRA rules and regulations.”

According to the Financial Industry Regulatory Authority, Clark Owen holds eight years of securities industry experience. Based in Cupertino, California, he has been a broker and an investment advisor with Cetera Investment Services and Cetera Investment Advisers since 2018. He is also registered with the firm’s offices in Milpitas and San Francisco. His past registrations include NI Advisors (Fremont, California; 2016-2018), Voya Financial Advisors (Cupertino, California; 2014-2015), and ING Financial Partners (San Gabriel, California; 2013). His credentials include the passage of five securities industry qualifying examinations: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Florida, Maryland, Nebraska, Nevada, New York, Washington, and Wyoming. (Information current as of August 21, 2022.)

Carlson Law represents several investors involved in GWG L bond claims against financial advisors and investment firms throughout the United States. If you or a loved one have suffered losses investing in GWG L bonds, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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