FINRA Arbitration Case Filed Against Financial Advisor Victoria Marie Bogner (CRD# 5048328) for Unsuitable Investment Recommendations
If you invested with broker Victoria Marie Bogner (CRD# 5048328) of Cetera Advisor Networks LLC in Lawrence, Kansas, you may be eligible to recover your investment losses through FINRA arbitration. A recent claim alleges that Bogner recommended unsuitable investments to clients, specifically non-traded Business Development Companies (BDCs), resulting in significant financial losses.
Our investment fraud attorneys are investigating claims against Victoria Marie Bogner and can help you understand your legal options for recovery. Contact us today for a free consultation to determine if you might be entitled to compensation for your investment losses.
Key Facts About the Victoria Marie Bogner FINRA Arbitration Case
According to FINRA BrokerCheck records updated as of March 2025, Victoria Marie Bogner is currently facing a significant customer dispute that was filed on July 25, 2024. The pending FINRA arbitration (Case #24-00413) involves serious allegations:
- Unsuitable investment recommendations that did not align with clients’ investment objectives and risk tolerance
- Potential damages of $210,000.00
The investments at the center of this dispute are non-traded Business Development Companies (BDCs) purchased while Bogner was registered with Cetera Advisor Networks LLC (CRD# 13572). This type of misconduct can leave investors with substantial losses and limited options for recovery outside of formal legal proceedings.
Who is Victoria Marie Bogner? Background and Professional Credentials
Victoria Marie Bogner is currently employed as a Registered Representative at AW Securities and as an Investment Adviser Representative at Allworth Financial, L.P. in Lawrence, Kansas, where she has been registered since April 26, 2023. Her office is located at:
Allworth Financial, L.P. / AW Securities
3705 Clinton Parkway, Suite 200
Lawrence, KS 66047
Prior to her current positions, Bogner’s employment history includes:
- Affinity Financial Advisors (CRD# 114412) – October 2007 to August 2023
- Cetera Advisor Networks LLC (CRD# 13572) – January 2006 to April 2023
- AFA Inc. dba McDaniel Knutson Financial Partners – CEO/Co-Owner – December 2009 to April 2023
According to FINRA records, Bogner holds the following securities licenses:
- Series 7 (General Securities Representative) – obtained December 27, 2005
- Series 66 (Uniform Combined State Law Examination) – obtained January 31, 2006
- Securities Industry Essentials (SIE) – obtained October 1, 2018
Bogner is currently registered in 26 states and territories, with her primary registrations in Kansas and Texas.
Additionally, Bogner holds two professional designations that may have been used to qualify as an Investment Advisor representative:
- Certified Financial Planner (CFP®)
- Chartered Financial Analyst (CFA®)
Since January 2023, Bogner has also been engaged in a non-investment-related activity as an author through Bogner Publishing. According to her disclosures, she is writing and publishing a book about personal finance titled “Money Moves: A Financial Action Plan for Your 30s and 40s.”
Understanding Non-Traded Business Development Company (BDC) Investment Risks
Non-traded Business Development Companies (BDCs), like those allegedly recommended by Victoria Marie Bogner, often appeal to investors seeking higher yields than traditional investments. However, they carry significant risks that may not be fully disclosed by financial advisors. Investors need to understand these risks:
1. Limited Liquidity
Non-traded BDCs are not listed on public exchanges, meaning investors cannot easily sell their holdings if they need access to their money. Many non-traded BDCs have lockup periods of several years, and even after that, redemption options may be limited or subject to significant penalties.
2. Lack of Transparency
Unlike publicly traded securities, non-traded BDCs often lack price transparency. Their values are not determined by market forces but by the company itself or third-party appraisers, which can mask performance issues and make it difficult for investors to assess their true value.
3. High Fees and Expenses
Non-traded BDCs typically carry significantly higher fees than their publicly traded counterparts, including upfront sales charges (often 7-10%), management fees, and performance fees that can substantially erode returns over time.
4. Concentrated Risk
BDCs invest in small and mid-sized businesses, often in the form of debt or equity securities. This concentration in private companies, which may be in financial distress or have limited operating histories, increases risk compared to more diversified investments.
5. Potential for Conflicts of Interest
The structure of many non-traded BDCs can create conflicts of interest between the management company and investors, particularly regarding valuations, fees, and affiliate transactions.
Red Flags in Victoria Marie Bogner’s Investment Recommendations
Financial advisors like Victoria Marie Bogner have a legal and regulatory obligation to recommend only suitable investments that align with their clients’ financial objectives, risk tolerance, and investment timeline. Based on our experience investigating similar cases, potential signs of unsuitable investment recommendations include:
- Overconcentration in high-risk, illiquid investments like non-traded BDCs
- Inadequate disclosure of risks, fees, and liquidity constraints
- Misrepresentation of expected returns or safety of the investment
- Recommendations that contradict stated investment objectives and risk tolerance
- Failure to consider the investor’s age, financial situation, and need for liquidity
- Excessive trading or account churning to generate commissions
How Broker Misconduct Leads to Investor Losses in Non-Traded BDC Cases
In cases like the pending arbitration against Victoria Marie Bogner, several forms of potential broker misconduct can contribute to investor losses:
Unsuitable Recommendations
Under FINRA Rule 2111, brokers must have a reasonable basis for believing that a recommended investment is suitable for a client based on their investment profile. Recommending high-risk, illiquid non-traded BDCs to conservative investors or those needing liquidity may violate this suitability standard.
Failure to Conduct Due Diligence
Brokers must perform reasonable diligence on investment products before recommending them to clients. This includes understanding the risks, costs, and potential benefits of non-traded BDCs, as well as the financial condition of the underlying companies in which the BDC invests.
Misrepresentation and Omission
Some brokers misrepresent non-traded BDCs as “safe” or “guaranteed” investments while downplaying risks. Others may omit crucial information about liquidity constraints, fee structures, or conflicts of interest that would impact an investor’s decision-making process.
Breach of Fiduciary Duty
Investment advisers owe their clients a fiduciary duty to act in their best interests. This includes providing complete and accurate information, avoiding conflicts of interest, and recommending suitable investments.
Legal Options for Recovering Investment Losses from Victoria Marie Bogner
If you’ve suffered losses from non-traded BDC investments recommended by Victoria Marie Bogner, you have several potential avenues for recovery:
1. FINRA Arbitration
The most common method for resolving investment disputes is through FINRA arbitration, which is typically faster and less expensive than court litigation. FINRA arbitration provides a forum where investors can seek recovery of losses caused by broker misconduct.
The current FINRA arbitration case against Victoria Marie Bogner (Case #24-00413) demonstrates this process in action. The case was filed on July 25, 2024, and remains pending as of March 2025.
2. Brokerage Firm Liability
Brokerage firms have a duty to supervise their brokers and may be held liable for failing to prevent unsuitable recommendations or other misconduct. In the Victoria Marie Bogner case, this could potentially involve:
- Cetera Advisor Networks LLC (CRD# 13572) – where Bogner worked when the alleged unsuitable recommendations occurred
Even if Bogner is no longer affiliated with the firm where the misconduct occurred, the firm may still be held responsible for failing to properly supervise her activities.
3. Regulatory Complaints
Filing complaints with FINRA, the SEC, or state securities regulators can initiate investigations that may lead to disciplinary actions against the broker and potential restitution for affected investors.
Understanding the FINRA Arbitration Process for Non-Traded BDC Disputes
If you’re considering filing a FINRA arbitration claim to recover losses from investments recommended by Victoria Marie Bogner, here’s what you can expect:
1. Initial Consultation with a Securities Attorney
A specialized investment fraud attorney will review your account statements, communications with your broker, and other relevant documents to assess whether you have a viable claim.
2. Statement of Claim Filing
Your attorney will prepare and file a Statement of Claim outlining the facts of your case, the alleged misconduct, and the damages sought. This document initiates the FINRA arbitration process.
3. Respondent’s Answer
The broker and brokerage firm will file an Answer responding to your allegations, typically denying wrongdoing and presenting their defenses.
4. Arbitrator Selection
FINRA will provide a list of potential arbitrators, and both sides will rank and strike names to select the arbitration panel that will hear the case.
5. Discovery Phase
Both parties exchange relevant documents and information. In cases involving non-traded BDCs, this often includes subscription agreements, offering documents, communications, and internal compliance records.
6. Arbitration Hearing
Similar to a simplified trial, the hearing allows both sides to present evidence, testimony, and arguments before the arbitration panel. Most hearings last 3-5 days depending on complexity.
7. Award Decision
The arbitrators will issue a binding decision, typically within 30 days of the hearing. If successful, you may recover some or all of your investment losses, plus interest and potentially costs.
Warning Signs That Should Have Alerted Investors to Potential Problems
Investors working with Victoria Marie Bogner or any financial advisor should be vigilant for these warning signs of potential misconduct regarding non-traded BDC investments:
- Promises of guaranteed returns or “risk-free” investments
- Significantly higher yields than comparable investments without explanation of additional risks
- Downplaying or dismissing liquidity limitations
- Minimizing discussions about fees and expenses
- Pressure to make quick decisions without time for due diligence
- Incomplete or confusing explanations about how the investment works
- Discouraging questions or independent research about the investment
- Recommendations that seem inconsistent with your stated investment objectives
Steps to Take If You Invested With Victoria Marie Bogner
If you invested with Victoria Marie Bogner at Cetera Advisor Networks LLC or other firms and experienced losses in non-traded BDCs or other investments, consider taking these immediate steps:
- Gather all documentationrelated to your investments, including account statements, trade confirmations, correspondence, marketing materials, and notes from conversations
- Do not communicate furtherwith Bogner or the brokerage firm about potential claims without legal representation
- Consult with a securities attorneyexperienced in FINRA arbitration to evaluate your potential claims
- Act promptlyto preserve your legal rights, as statutes of limitation may limit the time you have to file a claim
- Report concernsto FINRA or your state securities regulator if you believe misconduct occurred
Statute of Limitations for Investment Claims Against Victoria Marie Bogner
It’s crucial to act promptly if you believe you’ve been harmed by unsuitable investment recommendations from Victoria Marie Bogner. Most investment fraud claims are subject to various statutes of limitations:
- FINRA arbitration claims typically must be filed within 6 years of the event giving rise to the claim
- Federal securities law claims generally have a 1-2 year statute of limitations
- State securities law claims vary by state, typically ranging from 2-5 years
- Common law claims like breach of fiduciary duty vary by state, typically 3-6 years
Free Consultation for Victoria Marie Bogner Investors
Our investment fraud attorneys are currently investigating claims related to Victoria Marie Bogner and non-traded BDC investments that resulted in losses. We offer:
- Free, confidential case evaluations with experienced securities attorneys
- No recovery, no fee representation – you pay nothing unless we recover money for you
- Experienced FINRA arbitration counsel with a track record of successful recoveries
- Comprehensive analysis of your investment losses and potential claims
Contact us today to discuss your potential claim against Victoria Marie Bogner and explore your options for recovering investment losses.
Related Investment Fraud Investigations
Investors who worked with Victoria Marie Bogner may also want to be aware of other potential investment concerns our firm is investigating:
- Non-traded REITs with liquidity restrictions and high fees
- Private placements marketed to retail investors without adequate disclosure
- Limited partnerships with high commissions and opaque fee structures
- Alternative investments marketed as providing both high yields and safety
- Structured products with complex features that mask risks and costs
How to Protect Yourself From Similar Investment Fraud
While you can’t undo past investment losses, you can take steps to protect yourself from similar situations in the future:
- Research your financial advisorthrough FINRA BrokerCheck (brokercheck.finra.org) to review their employment history, credentials, and any disclosures or customer complaints
- Ask direct questionsabout risks, fees, liquidity constraints, and how your advisor is compensated for recommended investments
- Request written informationabout any investment before committing funds, and take time to review it carefully
- Maintain a diverse portfolioacross different asset classes, sectors, and security types to reduce risk
- Be skeptical of investmentsthat promise returns significantly higher than comparable alternatives without additional risk
- Monitor your accounts regularlyand question any unauthorized or unexpected transactions
- Keep recordsof all communications with your financial advisor, including emails, letters, and notes from conversations
Important Disclaimer
The information in this article regarding Victoria Marie Bogner (CRD# 5048328) is based on allegations made in a pending FINRA arbitration and information from public records. The claims against Victoria Marie Bogner have not been proven, and the presence of a disclosure on BrokerCheck does not necessarily indicate wrongdoing.
All investors should conduct their own research and due diligence before making any investment decisions or legal choices. This article is for informational purposes only and does not constitute legal or investment advice.
Last Updated: March 7, 2025
