Last Updated: October 2023 (Gilbert, AZ)
Steven Nielsen Investigation Summary
Here’s what you need to know about Gilbert, AZ, stockbroker Steven NIelsen:
- Name: Mr. Steven LaMar Nielsen
- Current Employer: Centaurus Financial, dba Nielsen Wealth Management Group
- Previous Firms: DFPG Investments, Diversify Wealth Management, Madison Avenue Securities
- Function: Stock Broker/ Financial Advisor
- Aliases: None
- Primary Location: Gilbert, AZ
- CRD 4184826
- Can Steven Nielsen be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Terminated by prior Employer: Yes
- Highest Settlement : $34,000
- Two Pending Customer Disputes Seek Damages of $211,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Steven Nielsen As Your Stockbroker?
Steven Nielsen discloses 3 currently pending and 4 prior customer complaints.
The three pending FINRA arbitrations are brought by customers of Centaurus Financial and all three involve illiquid alternative investments. The customers alleged that the alternative investments recommended by Steven Nielsen are unsuitable, high risk and were misrepresented to them. Cumulative damages are $211,000.
In 10/2022 a customer of Centaurus Financial was paid $34,000 to resolve allegations that Steven Nielsen recommended a speculative, high risk and unsuitable investment.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Steven Nielsen was ‘permitted to resign’ from Madison Avenue Securities in 2013 after the firm received an 8210 letter from FINRA alleging that Steven Nielsen may have used misleading marketing materials and an unapproved email address.
FINRA 8210 Letter: This is a demand for documentation or information related to a FINRA investigation. A common reason for receiving one is because FINRA has received customer complaints.
Allegations of Broker Misconduct Against Steven Nielsen
Customers of Steven Nielsen have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in high risk, illiquid and speculative alternative investments
- Account Churning
- Misrepresentation
- Investment not properly explained
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Steven Nielsen, contact us for a complimentary consultation with an experience securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
