Steve Stanford: GWG L Bond Complaint Against Portsmouth Advisor

Fairhope, Alabama financial advisor Steve Stanford (CRD# 1686790) allegedly provided misleading advice regarding GWG L bonds, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Portsmouth Financial Services.

Mr. Stanford’s BrokerCheck report discloses two investor complaints. The most recent, filed in November 2023, alleges that as a representative of Portsmouth Financial Services, he failed to conduct due diligence, gave misleading advice, and recommended unsuitable investments in GWG L bonds and preferred stock.The pending complaint alleges damages of $60,000.

An earlier investor complaint, filed in 1999, alleged that as a representative of Painewebber and JC Bradford, he made unauthorized trades in a customer’s account.In 2000 the complaint reached a settlement of $225,000.

A third disclosure on Mr. Stanford’s BrokerCheck report concerns his termination from Painewebber. Filed in 2000, it states that the firm fired him in connection with allegations of unauthorized trading and an unsuitable investment recommendation.

According to the Financial Industry Regulatory Authority, Steve Stanford holds 34 years of securities industry experience. Based in Fairhope, Alabama, he has been a broker and an investment advisor with Portsmouth Financial Services since 2013 and 2019, respectively. His past registrations include East/West Securities Corporation (Boligee, Alabama; 2012-2013), White Pacific Securities (San Francisco, California; 2009-2012), 1st Discount Brokerage (Birmingham, Alabama; 2002-2009), Acument Securities (San Francisco, California; 2001-2002), Painewebber (Weehawken, New Jersey; 2000-2001), JC Bradford & Company (New York, New York; 1998-2000), Smith Barney (New York, New York; 1993-1998(, Merrill Lynch (New York, New York; 1989-1993), and Sherwood Capital (1987). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alabama, California, Colorado, Florida, Georgia, Missouri, New Jersey, New York, North Carolina, Oklahoma, Tennessee, Texas, Virginia, and Wisconsin. (Information current as of December 26, 2023.)

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