Steve Kiszlowski: Did Ex-Center Street Advisor Recommend GWG L Bonds?

Records filed with a US bankruptcy court show that at least one current or former client of former Center Street Securities advisor Steve Kiszlowski (CRD# 2829988) is listed as a creditor for investments in GWG Holdings L bonds. The records describe investments totaling more than $300,000. Financial Industry Regulatory Authority records show that Mr. Kiszlowski was most recently based in Gross Pointe Woods, Michigan.

GWG Holdings is a Dallas-based financial services firm known for its “L bond” product, in which investors’ funds were used to buy life insurance policies on the secondary market, purportedly generating profits when those policies paid out. In a 2020 filing Securities and Exchange Commission filing, the company informed the public that it was undergoing financial challenges as well as an investigation by the SEC. Then, in 2022, it announced the pause of sales, interest, maturity, dividend, and redemption payments to L Bond and Preferred Stockholders; a few months later, it filed for bankruptcy for itself and two of its subsidiaries, GWG Life and GWG USA. If your financial advisor misrepresented the risk of investments in GWG L bonds or preferred stock, or over-concentrated these products in your portfolio, they may be liable for damages.

Mr. Kiszlowski’s BrokerCheck report discloses one investor complaint. Filed in 2015, it alleged that as a representative of Independence Capital, he “did not have discretionary authority when sales were made.” The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $875,000.

According to the Financial Industry Regulatory Authority, Steve Kiszlowski holds 27 years of securities industry experience. His registration history includes Center Street Securities (Gross Pointe Woods, Michigan; 2018-2023), Independence Capital (Warren, Michigan; 2007-2019), USAllianz Securities (Minneapolis, Minnesota; 2002-2005), MTL Equity Products (Fountain Hills, Arizona; 2002), IAC Securities (Tinley Park, Illinois; 2001-2002), Independence One Brokerage Services (Farmington Hills, Michigan; 2000-2001), Banc One Securities Corporation (Chicago, Illinois; 1999-2000), ProEquities (Birmingham, Alabama; 1997-1999), John Hancock Distributors (Boston, Massachusetts; 1994-1997), and John Hancock Mutual Life Insurance Company (Boston, Massachusetts; 1994-1997). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; 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 Operations Professional Examination, or Series 99TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is not currently licensed as a broker or as an investment advisor. (Information current as of June 1, 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.