Garden City, New York financial advisor (CRD# 5225102) has received multiple investor complaints alleging that his investment recommendations led to...Read More
Mark Stevens: L Bond Complaint Against Ex-Accelerated Capital Advisor
M Stevens Securities advisor Mark Stevens (CRD# 2074085) allegedly sold an unsuitable GWG L bond investment, according to a recent investor complaint against him. Financial Industry Regulatory Authority records show that the Irvine, California representative is also registered with M Stevens Wealth Advisors and Kingswood Capital Partners. He was previously affiliated with Accelerated Capital Group.
Mr. Stevens’ BrokerCheck report discloses one investor complaint. Filed in August 2022, it alleges that as a representative of Accelerated Capital Group, he recommended an unsuitable investment in L bonds issued by GWG Holdings, a company that later entered bankruptcy proceedings. The pending complaint alleges unspecified damages.
In a statement on the pending complaint’s disclosure, Mr. Stevens pushed back against the allegations, describing the claimant as “a wealthy business owner who wanted to earn income” and asserted the product was “suitable at the time” and had made consistent interest payments. “Now three years later the issuer GWG is in reorganization bankruptcy and the case is currently pending an outcome with the court,” he wrote. “This is a frivolous claim, the RR, Supervisor and CCO Stewart had no way of predicting that the issuer would be in trouble so far down the road. It is very unfortunate that GWG appears to have mismanaged their business, but respondents vehemently deny any wrongdoing on our part.”
According to the Financial Industry Regulatory Authority, Mark Stevens holds 28 years of securities industry experience. Based in Irvine, California, he has been a broker with M Stevens Securities and Kingswood Capital Partners since 2020; he has been an investment advisor with M Stevens Wealth Advisors since 2018. His past registrations include Accelerated Capital, American Asset Advisory, Ascendiant Capital Markets, Finance 500, Equity Trust Advisors, DE Wine Investments, Equitrade Securities, Quest Capital Strategies, American Express Financial Advisors, and IDS Life Insurance Company. His credentials include the passage of nine securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Registered Options Principal Examination, or Series 4; the Municipal Securities Principal Examination, or Series 53; the Financial and Operations Principal Examination, or Series 27; the General Securities Representative Examination, or Series 7; the Limited Representative-Equity Trader Exam, or Series 55; 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. He holds 21 state licenses. (Information current as of September 7, 2022.)
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