Steven Katzenstein: $75K Complaint Against HPG Wealthcare Advisor

Raleigh financial advisor Steven Katzenstein (CRD# 2380645) is involved in an investor complaint alleging he recommended an unsuitable investment to one of his customers. Records maintained by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor with Avantax Investment Services, as well as a representative of HPG Wealthcare Advisors.

Mr. Katzenstein’s BrokerCheck report discloses several investor complaints. The most recent, filed in March 2023, alleges that as a representative of Avantax Investment Services, he “did not conduct a reasonable basis analysis of the investment recommended and did not make a customer-specific suitable recommendation.” The pending complaint alleges damages of $75,000.

An earlier investor complaint, filed in 2015, alleged that as a representative of 1st Global, he failed to utilize stop loss orders to manage the risk of loss during down markets. The complaint reached a settlement of $19,257.13.

A third investor complaint, filed in 2014, alleged misconduct relating to the require minimum distributions taken from a variable annuity product. In 2015 the complaint reached a settlement of $297,891.08.

According to the Financial Industry Regulatory Authority, Steven Katzenstein holds 28 years of securities industry experience. Based in Raleigh, North Carolina, he has been a broker and an investment advisor with Avantax Investment Services since 2019. He is a representative of HPG Wealthcare Advisors. His registration history includes 1st Global Capital Corporation (Raleigh, North Carolina; 1999-2019) and NYLife Securities (New York, New York; 1995-1999). 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 Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He currently holds 31 state licenses. (Information current as of April 17, 2023.)

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