Steve Netzel: $425K Complaint Against Former Kalos Advisor

Sun Lakes, Arizona advisor Steve Nitzel (CRD# 2863170) has received multiple investor complaints alleging he misrepresented and recommended unsuitable investments. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that he is an investment advisor with Val Vista Capital Management. While he is not currently registered as a broker, his recent registrations include Madison Avenue Securities and Kalos Capital.

Mr. Netzel’s BrokerCheck report discloses eight investor complaints. One of the most recent, filed in 2021, alleged that as a representative of Kalos Capital, he recommended “unsuitable, high risk, illiquid” alternative investments with high commissions. In April 2022 the complaint reached a settlement of $26,869.99. 

A second investor complaint, filed in February 2022, alleged that Mr. Netzel made unsuitable investment recommendations, misrepresented and omitted material facts, and failed in his supervisory duties as a Kalos Capital representative. In March 2022 the complaint reached a settlement of $15,000.

A third investor complaint, filed in April 2021, alleged that he recommended unsuitable securities, over-concentrated the account in illiquid products, breached contract, and breached his fiduciary duty. The pending complaint alleges damages of $425,000.

A fourth investor complaint, filed in 2020, alleged that he breached contract and breached his fiduciary duty while at Kalos Capital. The complaint reached a settlement of $75,000.

Another 2020 complaint similarly alleged that Mr. Netzel recommended unsuitable investments and made misrepresentations of material facts. The complaint, which concerned oil and gas products and real estate securities, reached a settlement of $49,851.

A sixth investor complaint, filed in 2020, alleged that he over-concentrated the customer’s account, breached his fiduciary duty,  misrepresented material information, and recommended unsuitable oil and gas and real estate securities. In 2021 the complaint reached a settlement of $65,329.

A seventh complaint, also filed in 2020, likewise alleged that he misrepresented and recommended unsuitable investments in oil and gas products. In 2021 the complaint reached a settlement of $111,391. A 2019 complaint alleging he recommended unsuitable products, meanwhile, reached a settlement in 2020 of $177,500.

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Steve Netzel holds 13 years of securities industry experience. Based in Sun Lakes, Arizona, he has been an investment advisor with Val Vista Capital Management since 2016. His past registrations include Madison Avenue Securities (Sun Lakes, Arizona; 2019), Kalos Capital (Chandler, Arizona; 2013-2019), and Madison Avenue Securities (Sun Lakes, Arizona; 2009-2013). He is not currently licensed as a broker. (Information current as of August 4, 2022.)

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