Neilsen Wealth’s Steven Nielsen Lands Multiple Investor Complaints

Gilbert, Arizona financial advisor Steven Nielsen (CRD# 4184826) is involved in multiple investor complaints alleging he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Centaurus Financial, doing business as Nielsen Wealth Management. 

Mr. Nielsen’s BrokerCheck report discloses five investor complaints. The two most recent, both filed in October 2022, allege that as a representative of Centaurus Financial, he “recommended a speculative, high risk and unsuitable investment.” The pending complaints allege a total of $169,000 in damages.

In statements included with the two pending complaints’ disclosures, Mr. Nielsen pushed back against the allegations. “I vehemently deny any wrongdoing and assert that the allegations are completely without merit,” he wrote, continuing: “The investment about which the customer complained was suitable and was recommended based on the customer’s objectives, goals and financial circumstances and was offered only after his review of all material documentation related to the investment.”

A third investor complaint, filed in 2018, alleged that as a representative of SII Investments, Mr. Nielsen improperly explained and recommended an unsuitable investment. In 2018 the complaint reached a settlement of $15,000.

A fourth investor complaint, filed in 2017, alleged that he churned the customer’s account and recommended inappropriate investments. The complaint reached a settlement of $4,500.

A fifth investor complaint, filed in 2014, alleged that he recommended unsuitable investments in variable annuity and real estate products. In 2016 the complaint reached a settlement of $30,000.

According to the Financial Industry Regulatory Authority, Steven Nielsen holds 22 years of securities industry experience. Based in Gilbert, Arizona, he has been a broker and an investment advisor with Centaurus Financial since 2017, doing business as Nielsen Wealth Management. His registration history includes DFPG Investments, Madison Avenue Securities, and SII Investments. Having passed three securities industry qualifying exams, he holds 26 state licenses. (Information current as of December 8, 2022.)

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