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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.)

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.

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