Our firm is investigating Cetera Investment Advisers LLC and Cetera Investment Services LLC broker and investment adviser David Glen Roessner (CRD# 5568932) of Oak Ridge, Tennessee, for potential investment-related misconduct based on multiple customer disputes reported in his FINRA BrokerCheck record.
Financial Advisor’s Career History
David Glen Roessner has been employed in the securities industry since 2009 and has worked for several national and regional firms over the course of his career.
His registration and employment history includes:
- SunTrust Investment Services, Inc. – Registered Representative in Knoxville, Tennessee (08/2009–03/2011)
- Morgan Stanley Smith Barney / Morgan Stanley Smith Barney LLC – Registered Representative and Investment Adviser Representative in Knoxville, Tennessee (05/2011–12/2011)
- Fifth Third Securities, Inc. – Registered Representative and Investment Adviser Representative in Knoxville, Tennessee (05/2013–07/2016)
- Fifth Third Bank – Personal Banker, non-investment position, in Knoxville, Tennessee (04/2012–07/2016)
- Cetera Investment Advisers LLC – Investment Adviser Representative, based in Oak Ridge, Tennessee (08/2016–Present)
- Cetera Investment Services LLC – Registered Representative with a branch at 101 N Rutgers Ave, Oak Ridge, Tennessee 37830 (08/2016–Present)
- Regions Bank – Registered Representative, Oak Ridge, Tennessee (08/2016–Present)
Over this time, Roessner has held multiple securities licenses and is currently registered with FINRA and licensed in numerous U.S. states and territories.
David Glen Roessner Fraud Allegations and Investor Complaints Explained
According to his FINRA BrokerCheck report, David Glen Roessner has three customer dispute disclosures, two of which were settled and one closed with no action. These matters involve allegations of failure to follow instructions, misrepresentation, and a structured product complaint relating to a market-linked CD.
Important: FINRA notes that some disclosures may involve allegations that are contested, unresolved, or settled without any admission of wrongdoing by the broker or the firm.
2018 Failure to Follow Instructions Complaint (Settled)
- Firm Involved: Cetera Investment Services
- Date Customer Complaint Received: June 13, 2018
- Allegation: Failure to follow client instructions when investing funds
- Product Type: No product specified
- Alleged Damages: $21,654.61
- Settlement Amount: $21,654.61
- Individual Contribution: $0.00
- Status: Settled on July 10, 2018
Disclosure Bullet Summary:
- Action: Customer dispute filed against Roessner
- Allegations: Failure to follow the customer’s instructions when investing funds
- Disposition: Settled
- Damages Alleged: $21,654.61
- Amount Paid to Customer: $21,654.61
- Personal Contribution by Broker: $0.00
2018 Promissory Note Misrepresentation Complaint (Settled)
- Firm Involved: Cetera Investment Services
- Date Customer Complaint Received: February 14, 2018
- Allegation: Misrepresentation related to a promissory note
- Product Type: Promissory Note
- Alleged Damages: Estimated to be over $5,000
- Settlement Amount: $0.00
- Individual Contribution: $0.00
- Status: Settled on April 30, 2018
Disclosure Bullet Summary:
- Action: Customer dispute involving alleged misrepresentation
- Allegations: Misrepresentation concerning a promissory note investment
- Disposition: Settled
- Damages Alleged: Amount unknown but estimated to exceed $5,000
- Amount Paid to Customer: $0.00
- Personal Contribution by Broker: $0.00
2024 Structured Product Complaint (Closed – No Action)
- Firm Involved: Cetera Investment Services LLC
- Date Customer Complaint Received: November 20, 2024
- Allegation: Complaint related to an HSBC Market-Linked CD (structured product)
- Product Type: Structured Product – Market Linked CD
- Alleged Damages: $12,800.00
- Settlement Amount: $0.00
- Status: Closed/No Action on December 26, 2024
Disclosure Bullet Summary:
- Action: Customer dispute regarding a structured product
- Allegations: Concerns over an HSBC Market-Linked CD (CUSIP redacted by FINRA)
- Disposition: Closed – No Action
- Damages Alleged: $12,800.00
- Amount Paid to Customer: None reported
- Personal Contribution by Broker: None reported
While two disputes were settled and one was closed without action, these disclosures collectively raise questions about whether customer instructions were followed, how the risks of products such as promissory notes and market-linked CDs were described, and the suitability of these investments for the customers involved.
To obtain a copy of David Glen Roessner’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2010 requires all brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations that David Glen Roessner failed to follow client instructions when investing funds can implicate Rule 2010 because disregarding a customer’s explicit directions is inconsistent with honest and fair dealing in the brokerage industry and may evidence a failure to uphold the integrity expected of registered representatives.
FINRA Rule 2020 prohibits brokers from using or employing any manipulative, deceptive, or fraudulent device in connection with the purchase or sale of any security. The 2018 misrepresentation complaint involving a promissory note suggests that, if the customer was provided incomplete, misleading, or inaccurate information about the note’s risks, terms, or features, such conduct could violate Rule 2020 by depriving the investor of a fair and informed opportunity to evaluate the investment.
FINRA Rule 2111, the suitability rule, requires that a broker have a reasonable basis to believe a recommendation is suitable for a customer based on their investment profile, including risk tolerance, objectives, and financial situation. The structured product complaint regarding an HSBC Market-Linked CD raises potential Rule 2111 concerns, as these complex CDs often carry principal risk, liquidity constraints, and market-linked payoff structures that may not be suitable for conservative or income-focused investors if those risks were not properly evaluated in light of the client’s profile.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
