Doug Nelson, LPL Broker, Allegedly Sold Unsuitable GWG L Bonds

Doug Nelson (CRD# 4609776[1]), a broker registered with LPL Financial, recommended an unsuitable investment, according to investor allegations. MDF Law is investigating the Pahrump, Nevada-based financial professional for similar conduct. We urge investors with concerns about their accounts to reach out today.

Continue reading this post to learn more about the disputes involving Mr. Nelson. The information below is sourced from a February 4, 2025 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record. 

Firm Settled GWG L Bond Allegations

On January 11, 2024, an investor filed a dispute involving Mr. Nelson. This claim alleged unsuitable recommendations to invest in and hold GWG L Bonds[2]. More specifically, it alleged that these investments were inconsistent with FINRA’s suitability rule or the SEC’s Regulation Best Interest. In December 2024, Mr. Nelson’s former member firm settled the dispute for $95,000.

Broker Issues Statement Concerning Dispute

As his BrokerCheck record reflects, Mr. Nelson issued a “Broker Statement” defending against the allegations in the above-described claim. In this statement, he asserted that he was not named as a respondent in the claim. He argues further that he believes he did not commit any wrongdoing, and that he provided “excellent, tailored service” to the claimant. “I believe the broker-dealer would have prevailed in the arbitration on the merits, but chose to settle to avoid the cost of an arbitration hearing,” he concludes. “I stand by my recommendations and the service I provided to the customer.”

Pending Dispute Seeks 6-Figure Damages

On November 21, 2024, another investor filed a dispute involving Mr. Nelson. In this case, the claim also alleges that Mr. Nelson recommended an unsuitable corporate bond investment. The dispute, which is still pending, seeks $160,000 in alleged damages.

Doug Nelson Claims Investments Were “Suitable”

Mr. Nelson also issued a “Broker Statement” regarding the pending dispute. Found on his BrokerCheck profile, the claim includes his denial of the allegations, and his assertion that the claim is meritless. “All recommendations and investments strategies made for the customers,” the comment reads, “were suitable and consistent with the customers’ investment objectives and risk tolerance.” He concludes the comment by stating that the customers understood the risks of the investments.

FINRA: Broker Based in Pahrump, Nevada

Mr. Nelson started working as a broker in 2003, the year he registered with Waddell & Reed’s office in Sherman Oaks, California. Over the following years, he went on to work with firms including Kingswood Capital Partners and M Stevens Wealth Advisors. He joined his current member firm, LPL Financial, in May 2023, and is still registered at its office in Pahrump, Nevada. As his BrokerCheck profile reflects, he operates under the brand name On Target Planning. With 22 years of experience as a broker, he has completed three industry exams, including the Series 66.

GWG Losses? Call MDF Law Today

If you lost money investing in GWG L Bonds or other risky, unsuitable products recommended by Doug Nelson, you may have recovery options. At MDF Law, our broker fraud attorneys[3] have proven experience advocating for investors through the complexities of the FINRA arbitration process. We have successfully recovered more than $100 million in losses for our clients, who only pay a fee if they win their case. Don’t delay: call 800-767-8040 for a free consultation today.