Doug Nelson: GWG L Bond Complaint Against LPL Advisor

A recent investor complaint against Pahrump, Nevada financial advisor Doug Nelson (CRD# 4609776) alleges that he recommended an unsuitable GWG L Bond investment. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with LPL Financial, having previously been registered with Kingswood Capital Partners.

Mr. Nelson’s BrokerCheck report discloses one investor complaint. Filed in January 2024, it alleges that as a representative of Kingswood Capital Partners, he made “unsuitable and misleading recommendations” to  invest in GWG L Bonds. The complaint also alleges failures to conduct reasonable due diligence on the investments and their issuer, GWG Holdings, which later filed for bankruptcy. “The recommendations were not consistent with the standard of care mandated by FINRA’s suitability rule,” the claim alleges. The complaint, which remains pending, alleges damages between $200,000 and $250,000.

According to records provided by the Financial Industry Regulatory Authority, Doug Nelson holds 21 years of securities industry experience. Based in Pahrump, Nevada, he has been a broker and an investment advisor with LPL Financial since May 2023. His past registrations include M Stevens Wealth Advisors (Pahrump, Nevada; 2018-2023), Kingswood Capital Partners (Irvine, California; 2018-2022), Chalice Wealth Advisors (Costa Mesa, California; 2018), and Waddell & Reed (Sherman Oaks, California; 2003-2018). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, Georgia, Idaho, Nevada, North Dakota, Tennessee, Texas, and Washington. (Information current as of January 21, 2024.)

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