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Jim Saar: Ex-Center Street Advisor Faces $150K Complaint
Former Center Street Securities advisor Jim Saar (CRD# 1358375) allegedly recommended an unsuitable investment, according to a recent investor complaint. Additionally, a former customer of his is listed as creditor for an $80,000 L bond investment, according to public records filed with a US bankruptcy court. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or an investment advisor, though he was previously registered in Temecula, California, where he was president of Prosperity Financial Advisors.
Mr. Saar’s BrokerCheck report discloses one investor complaint. Filed in September 2022, it alleges that as a representative of Center Street Securities, he sold an unsuitable product. The pending complaint alleges damages of $150,000.
Investors in GWG Holdings L bonds and/or preferred stock should be aware that the company filed for bankruptcy in 2022, following disclosures that it was under investigation by the Securities and Exchange Commission. These investments came with significant risk, according to their prospectus, and were likely not suitable for inexperienced investors and/or those with a low tolerance for risk. Advisors who recommended unsuitable L bonds may be liable for damages.
According to the Financial Industry Regulatory Authority, Jim Saar holds 32 years of securities industry experience. Previously based as a broker in Temecula, California, he was registered with Center Street Securities from 2018 until 2020. His registration history includes Pruco Securities (Newark, New Jersey; 2015-2016), Newbridge Securities Corporation (Temecula, California; 2010-2015), RW Townt & Associates (San Diego, California; 2009-2010 and 2007-2008), AllState Financial Services (Temecula, California; 2008-2009), WM Financial Services (Irvine, California; 1998-2002), Great Western Financial Securities Corporation (Northridge, California; 1997-1998), Securities America (La Vista, Nebraska; 1996-1997), ASB Financial Services (Irvine, California; 1990-1996), and Pruco Securities Corporation (1989). His credentials include the passage of six securities industry qualifying exams: the National Commodity Futures Examination, or Series 3; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Combined State Law Examination, or Series 66. (Information current as of June 25, 2023.)
Carlson Law has represented at least nine investors in claims against their financial advisors for investments in GWG Holdings Inc. 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.