Advisor Alert: Our Attorneys Are Investigating Roger Given For Investment Fraud

Last Updated: August 2024 (Colorado Springs, CO)

National securities fraud lawyers at Patil Law P.C. are investigating current LPL Financial LLC broker Roger Given (CRD #2198309) regarding allegations of recommending unsuitable investments to clients.

The allegations against Mr. Given raise significant concerns about investment suitability and due diligence practices, particularly given his dual role as both a financial advisor and CPA offering tax preparation services in Colorado Springs.

Critical Insights About Colorado Springs Financial Advisor Roger Given

• Advisor Name: Roger R. Given
• CRD: 2198309
• Location: Colorado Springs, CO
• Current Employer: LPL Financial LLC
• Classification: Registered Representative & Investment Adviser Representative
• Primary Location: Colorado Springs, CO
• Can Roger Given be sued in FINRA arbitration: Yes
• Customer Disputes: One pending customer complaint alleging unsuitable investment recommendations
• Key Business Activities: Tax preparation and accounting services through Given & Associates, CPA’s, PC

Details of Current Investigation

A customer complaint filed in August 2024 alleges that Mr. Given recommended an unsuitable Direct Participation Program (DPP) investment in 2015 while at his previous firm, Avantax Investment Services. The customer is seeking $25,000 in damages. The complaint is currently pending.

Analysis of Alleged Misconduct

The allegations focus on suitability concerns regarding DPP investments, which are typically illiquid and can carry significant risks. DPPs, including limited partnerships, require careful consideration of:

• Client investment objectives
• Risk tolerance
• Liquidity needs
• Overall portfolio diversification
• Financial sophistication

Regulatory Framework and Investor Protection

SEC Regulation Best Interest

Under Reg BI, broker-dealers and their associated persons must act in retail customers’ best interest when recommending securities transactions or investment strategies. This includes understanding and considering:

• The customer’s investment profile
• Potential risks, rewards, and costs
• Reasonable alternatives available

FINRA Rules and Their Significance

FINRA Rule 2111 (Suitability) requires that a firm or associated person have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on information obtained through reasonable diligence.

FINRA Rule 2310 specifically governs DPP offerings, requiring members to:

• Conduct reasonable investigation of the DPP
• Have reasonable grounds to believe the DPP is suitable for any customer
• Make reasonable inquiries to ascertain if the customer is purchasing for their own account

Professional Background

Mr. Given has been in the securities industry since 1992, starting his career with Avantax Investment Services where he remained until 2020. He is currently registered with LPL Financial LLC in Colorado Springs, CO. His professional qualifications include:

• Series 7 General Securities Representative
• Series 4 Registered Options Principal
• Series 63 Uniform Securities Agent
• Series 65 Investment Adviser Law
• CPA designation

Red Flags for Investors

1. The current pending complaint alleges unsuitable investment recommendations, which may indicate broader concerns about investment selection practices
2. DPP investments often involve complex structures and significant risks that may not be suitable for all investors
3. The dual role as both financial advisor and CPA requires careful consideration of potential conflicts of interest
4. The transition from a long-term position at Avantax to LPL Financial warrants review of investment recommendations during the transition

Implications for Current and Former Clients

Current and former clients of Mr. Given should:

1. Review their account statements and investment holdings
2. Evaluate the suitability of any DPP or limited partnership investments
3. Assess whether investments align with their stated investment objectives
4. Consider seeking independent review of their portfolio
5. Understand their rights regarding FINRA arbitration if they believe investments were unsuitable

Patil Law P.C. Will Help You Recover Your Investment Losses

If you have suffered investment losses in an account handled by Mr. Given or have questions about your investment account, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.