Centaurus Advisor Steven Lazette: Client Bought GWG L Bond

At least one current or former client of Centaurus Financial advisor Steven Lazette (CRD# 5878255) is listed as a creditor for an investment in an L Bond issued by GWG Holdings, according to public records. These records, filed with a US bankruptcy court, describe an investment of $120,000. Financial Industry Regulatory Authority records show that Mr. Lazette is currently based in Anaheim, California.

As a report by Investment News explains, the Dallas-based alternative investment firm GWG Holdings filed for bankruptcy in April 2022. The company had raised more than $1 billion from investors in its “L bond” product, “which were sold through the independent broker-dealer and RIA channels to purchase life-insurance policies on the secondary market,” per the report. These investments may have been unsuitable for conservative and/or unsophisticated investments. For reference, FINRA rules require brokers to recommend investments that are in line with their customers’ background and objectives, based on reasonable diligence into the customer’s profile. Representatives who recommend unsuitable investments may be liable for damages. More information about GWG L bonds is available here.

According to the Financial Industry Regulatory Authority, Steven Lazette holds eleven years of securities industry experience. Based in Anaheim, California, he has been a broker and an investment advisor with Centaurus Financial since 2011 and 2017, respectively. His credentials include the passage of seven securities industry qualifying exams: the Municipal Securities Principal Examination, or Series 53; the General Securities Principal Examination, or Series 24; the Assistant Representative-Order Processing Qualification Exam, or Series 11; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Municipal Securities Representative Examination, or Series 52TO; and the Uniform Combined State Law Examination, or Series 66. He is licensed in California. (Information current as of June 13, 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.