Steve Schwartz: Financial Life Advisor Faces $1.4mm Complaint

A recent investor complaint against Mercer Island, Washington financial advisor Steve Schwartz (CRD# 4177383) alleges that his advice resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Centaurus Financial, doing business as Financial Life Advisor.

Mr. Schwartz’s BrokerCheck report discloses one recent investor complaint. Filed in August 2026, it alleges that as a representative of Centaurus Financial, he recommended unsuitable, high-risk, speculative and illiquid investments in products including corporate bonds, real estate securities, and non-listed preferred stock. The pending complaint alleges damages of $1,400,000.

In a statement included with the complaint’s disclosure, Mr. Schwartz defends himself against the allegations, writing that he “vehemently” denies any allegations of misconduct. “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment,” he continues. “The customers confirmed in writing that they not only received the requisite investment documentation/disclosures, but that they fully understood the characteristics and risks of the investments. At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

Investors should be aware that under FINRA Rule 2111, brokers like Mr. Schwartz are required to perform “reasonable diligence” to ensure that the investments they recommend are suitable for a given client’s needs. A risky and illiquid product, for instance, may be considered unsuitable for a conservative investor in need of liquidity and principal preservation. Brokers who sell unsuitable products may be liable for damages in the event of losses.

According to the Financial Industry Regulatory Authority, Steve Schwartz holds 26 years of securities industry experience. Based in Mercer Island, Washington, he has been registered as a broker and an investment advisor with Centaurus Financial since 2010, doing business as Financial Life Advisor. His past registrations include MetLife Securities and Metropolitan Life Insurance Company. His credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 14 state licenses. (Information current as of September 12, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.