Osland Financial’s Michael Osland: $150K Mutual Fund Complaint

Scottsdale, Arizona financial advisor Michael Osland (CRD# 1791642) recently received an investor complaint alleging that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Geneos Wealth Management, doing business as Osland Financial Group.

Mr. Osland’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2022, alleges that as a representative of Geneos Wealth Management, he made unsuitable investment recommendations involving mutual fund products between 2016 and 2018. The pending complaint alleges damages of $150,000.

An earlier investor complaint, filed in 2017, alleged he recommended unsuitable investments in variable annuity, mutual fund, oil and gas, and real estate products. In 2019 the complaint reached a settlement of $125,000. In a statement included with the complaint’s disclosure, Mr. Osland wrote that he denied the allegations. “All of the recommendations I have made to these customers over the 20 years of our relationship have been suitable,” he commented further. “The decision to settle this claim was made by my broker/dealer for the estimated cost of defense.”

A third disclosure on Mr. Osland’s BrokerCheck report concerns a 2001 enforcement action by the North Dakota Office of the Securities Commissioner. According to the disclosure, the Commissioner sanctioned him in connection with allegations he “acted as an investment advisor for two residents of North Dakota while operating out of Scottsdale, Arizona and is not now and has never been registered as an investment advisor in the state of North Dakota.In connection with these allegations, he was ordered to pay a fine of $1,500.

According to the Financial Industry Regulatory Authority, Michael Osland holds 36 years of securities industry experience. Based in Scottsdale, Arizona, he has been a broker and an investment advisor with Geneos Wealth Management since 2008. His past registrations include AIG Financial Advisors, SunAmerica Securities, Anchor National Financial Services, Royal Alliance Associates, Integrated Resources Equity Corporation, Sentra Securities Corporation, Advantage Capital Corporation, and SME Capital Management. His credentials include the passage of seven securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Uniform Investment Adviser Law Examination, or Series 65; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Futures Managed Funds Examination, or Series 31. He currently holds 36 state licenses. (Information current as of December 17, 2022.)

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