Close Menu
Free Consultation: 888-976-6111

WPG Advisor Steve Gessner Receives Oil & Gas Complaint

Baltimore financial advisor Steve Gessner (CRD# 2650114) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that the former Cambridge Investment Research broker is currently registered as an investment advisor with WPG Financial Group.

Mr. Gessner’s BrokerCheck report discloses one investor complaint. Filed in June 2023, it alleges that as a representative of Cambridge Investment Research, he recommended products that “were too risky and unsuitable.” The products in question included oil and gas investments and real estate securities. The pending complaint alleges unspecified damages.

One important investor protection is FINRA’s suitability standard. Established by FINRA Rule 2111, it stipulates that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.” Brokers who recommend investments which they do not have a reasonable basis to believe are suitable may be held liable for damages.

According to the Securities and Exchange Commission, Steve Gessner holds 27 years of securities industry experience. Based in Baltimore, Maryland, he has been an investment advisor with WPG Financial Group since 2018. His registration history includes United Planners’ Financial Services of America (Baltimore, Maryland; 2018-2021), Cambridge Investment Research (Baltimore, Maryland; 2012-2018), Woodbury Financial Services (Baltimore, Maryland; 2005-2012), AXA Advisors (New York, New York; 2005), and Mony Securities Corporation (New York, New York; 1995-2005). His credentials include the passage of five securities industry qualifying exams: 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 Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed as an investment advisor in Maryland. (Information current as of July 16, 2023.)

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
protected by reCAPTCHA Privacy - Terms
Latest Blog Posts
  • Kiran Devarapalli: Leaders Group Advisor Fired by LPL

    Littleton, Colorado financial advisor Kiran Devarapalli (CRD# 6416586) was recently fired by LPL Financial in connection with alleged rule violations....

    Read More
  • Max & Randy Birkinbine: Ausdal Advisors Face GWG Complaint

    North Oaks, Minnesota financial advisors Max Birkinbine (CRD# 6836583) and Randy Birkinbine (CRD# 2008599) have received an investor complaint alleging...

    Read More
  • Bruce Johnson: L Bond Complaint Against Portsmouth Financial Advisor

    San Francisco financial advisor Bruce Johnson (CRD# 1126862) allegedly misrepresented investments in GWG L bonds, according to an investor complaint....

    Read More
  • Cataldo Panici: $355K REIT Complaint Against Wintrust advisor

    Frankfort, Illinois financial advisor Cataldo Panici (CRD# 2112617) recently received an investor complaint alleging damages of more than $300,000. Financial...

    Read More
  • Previous
  • Next