Seth Stewart: 6-Figure Complaints Against Jeffersonville Advisor

Brookstone Financial advisor Seth Stewart (CRD# 5467292) has received multiple investor complaints alleging he made unsuitable investment recommendations. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Center Street Securities broker is currently registered as an investment advisor in Jeffersonville, Indiana.

Mr. Stewart’s BrokerCheck report discloses four investor complaints. The most recent, filed in June 2022, alleges that as a representative of Center Street Securities, he recommended unsuitable alternative investments. The pending complaint alleges damages of $99,999. In a statement on the complaint’s disclosure, Mr. Stewart wrote that “the client had a good understanding of the illiquid nature related to this segment of their portfolio” at the time it was purchased, adding: “The client understood and signed all disclosure forms confirming their understanding of the illiquid nature.”

A second investor complaint, filed in January 2022, similarly alleges that Mr. Stewart recommended “unsuitable, illiquid and high risk” alternative investments. The pending complaint alleges damages of $400,000.

A third investor complaint, filed in 2020, also alleges that Mr. Stewart recommended unsuitable alternative investments as a Center Street Securities representative. This pending complaint alleges damages between $100,000 and $200,000.

A fourth investor complaint, filed in 2019, alleges that he recommended illiquid alternative investments that the customer “did not know” were illiquid. The pending complaint alleges damages of $100,000.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Seth Stewart holds 14 years of securities industry experience. Based in Jeffersonville, Indiana, he has been an investment advisor with Brookstone Financial since 2013. His past registrations include Center Street Securities (2012-2020, 2009) and American Equity Investment Corporation, both in Jeffersonville. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed as an investment advisor in Indiana, Kentucky, Louisiana, and Texas. (Information current as of August 21, 2022.)

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