Victoria Bogner & Allworth Lawsuit/Complaint: What Ordinary Investors Should Know

Putting your money into investments or trusting a financial advisor can feel like a leap of faith. You expect honesty, transparency, and sound advice. So when news comes out that a well-known advisor like Victoria Bogner may have recommended investments that didn’t match what clients needed, it grabs attention. This case matters because it deals with real people who say they lost money based on advice that was unsuitable for them—and they’re asking for accountability.

Background: What Is the Victoria Bogner / Allworth Case About?

Here’s what the case is, in simple terms:

• Who is involved?
  Victoria Marie Bogner (also called Vickie Bogner) is a financial advisor registered with AW Securities and Allworth Financial, based in Lawrence, Kansas. She’s been in the business for many years (registered with earlier firms Cetera Advisor Networks, Affinity Financial, etc.).
• What are the claims?
  An investor filed a complaint in or around July 2024, alleging that Bogner recommended non-traded Business Development Companies (non-traded BDCs) that were unsuitable for their financial goals. “Unsuitable” means the investment didn’t match what the client said they wanted (for example, safety, liquidity, risk tolerance).

The investor claims about $210,000 in damages.

• Which firms are involved?
  The complaint draws in Cetera Advisor Networks (where Bogner worked earlier), AW Securities, and Allworth Financial. Because the alleged advice was made when she was working with Cetera, the responsibility may span multiple firms.
• What’s the legal/regulatory basis?
  The claims involve financial-industry rules such as FINRA Rule 2111, which requires brokers/advisors to recommend investments that are suitable for each client, based on that client’s risk tolerance, financial situation, objectives, etc. If a recommendation was unsuitable, it could be a breach of that rule.

Who’s Affected: Who May Be Eligible or Impacted

Here are the people or groups who might be impacted or who should pay attention:

• Investors/clients of Victoria Bogner, especially those who purchased non-traded BDCs based on her recommendation, and later experienced losses or difficulties (e.g. liquidity issues, unexpected risks, inability to sell, etc.).
• Clients who gave Bogner full information about their financial goals, risk tolerance, and liquidity needs—and where the recommended investments didn’t align. If you were promised something “safe” or “liquid” but got something riskier, that’s relevant.
• Potentially people who no longer are clients but invested during the relevant period (especially the time when Bogner was with Cetera and recommending those non-traded BDCs).
• Lastly, other investors using Allworth Financial / AW Securities should keep watch, because cases like this may expose systemic issues or prompt further scrutiny (by FINRA, state regulators, or arbitration panels).

Timeline: Important Events So Far

Here are the key events in the Victoria Bogner / Allworth case as publicly known:

• July 2024 — An investor files a complaint alleging that Bogner made unsuitable investment recommendations, specifically non-traded BDCs. The amount claimed: ~$210,000.
• Sometime in 2023-April 2023 — Bogner changes affiliation, joining AW Securities / Allworth Financial. Prior to that, she was with Cetera and Affinity Financial.
• Late 2024 / early 2025 — The complaint becomes publicly visible, law firms announce investigations, client notice, “case updates” begin appearing.
• As of early 2025 — The case is pending; no published resolution or settlement had been announced at those times based on the public record.

What’s at Stake

Here’s what could happen, and what’s on the line for people involved:

• Financial Losses
  If the complaint is substantiated, affected investors may be able to recover some or all of the losses they suffered, plus potential interest. For example, the investor is claiming roughly $210,000 in damages.
• Advisor Accountability / Firm Liability
  The case could lead to professional discipline for the advisor (e.g. by FINRA) or liability for the firms involved (e.g. Cetera, Allworth). If a breach of suitability is found, those firms might be required to pay compensation.
• Disclosure & Risk Awareness
  One of the outcomes may be that clients of other advisors become more careful. There may be more scrutiny over non-traded / illiquid investments, over how risks are explained, fees disclosed, etc.
• Reputation and Trust
  For Bogner and Allworth, there’s a reputational cost. Clients trust advisors to be honest and to recommend investments that match their goals. Allegations of misconduct shake that trust.
• Regulatory and Legal Outcomes
  If FINRA or arbitration finds wrongdoing, there may be sanctions, policy changes, or stricter enforcement. Also, clients may use this case when pursuing similar claims.

What to Watch Next: What Comes in the Victoria Bogner Lawsuit Update

If you’re an investor who thinks you might be affected, or are simply following along, here’s what to look for:

• Arbitration or FINRA rulings — Because this is a securities complaint, much of the action may happen through FINRA arbitration rather than traditional court.
• Notice to investors — If there is a larger pattern of claims, or if other investors are eligible, there may be notifications sent out about how to join the claim (“who can claim”) or file for recovery.
• Settlement discussions — Sometimes, these cases are resolved by settlement rather than going all the way. That means the firm might agree to pay damages without admitting wrongdoing, to avoid the uncertainty and cost of arbitration.
• Final decisions on suitability — Whether FINRA or the arbitration panel concludes that Bogner’s recommendations were unsuitable under the relevant rules (client profile, risk disclosures, etc.).
• Deadline to file a claim — Investment claims are generally subject to time limits (statutes of limitations). If you believe you might have a claim, waiting too long may mean losing the legal right to pursue it.
• Regulatory actions or disclosures — FINRA, or state securities regulators, may impose penalties or require disclosure of the outcome. Also, Bogner’s BrokerCheck / CRD report may update to reflect complaints, discipline, or outcomes.

FAQs

Here are some questions people often ask, with simple answers.

1. Am I eligible to make a claim?
   You may be eligible if you invested with Victoria Bogner, bought non-traded BDCs (or similar investments she recommended), and believe those investments were unsuitable given your stated financial goals, risk tolerance, or need for liquidity. Having documentation helps.
2. Do I need a lawyer?
   Yes, usually. Advisor-investment disputes can be complex. A securities attorney or lawyer experienced with FINRA arbitration can help assess whether you have a strong claim, gather documents, and file properly.
3. How do I find out if a case is settled or being resolved?
   You can check FINRA’s website (BrokerCheck) or public arbitration filing databases. Law firms that handle investment-loss cases often post updates. Also, if there is a settlement or notice, you may receive mail or email if you’re a known affected client.
4. When might this case be decided?
   There is no fixed date. Securities arbitration can take many months (often 12-18 months, sometimes more) after filing. This case is already in process, so some updates may happen in 2025 or beyond.
5. What if I already lost money but didn’t dispute it at the time?
   You may still be able to bring a claim, depending on how long ago it was, and whether the statute of limitations (time limit) has passed in your state or under FINRA rules. Getting legal advice soon is important.
6. What kinds of evidence matter most?
   Useful evidence includes: statements from Bogner / the firms, written recommendation or confirmation documents, disclosures you received, communications about risk/liquidity/fees, client profile forms (risk tolerance, financial goals), account statements showing losses, etc.

Final Thoughts

The Victoria Bogner / Allworth lawsuit / complaint is a cautionary tale for investors: even with experienced advisors, problems can arise when risks are not fully disclosed or recommendations don’t match what clients want or need.

If you’ve been an investor with Bogner or affected by recommendations you believe were unsuitable, this case is more than headlines—it might impact your finances and rights. Don’t ignore notices or assume it doesn’t apply to you; review your statements, gather documents, and consider legal or regulatory help.