Steven Nielsen, Centaurus Broker, Involved in Suitability Disputes

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Steven Nielsen (CRD# 4184826), a broker registered with Centaurus Financial, recommended unsuitably risky investments, according to investor disputes. MDF Law is investigating the Gilbert, Arizona-based financial professional, who does business as Nielsen Wealth Management, for similar conduct. If you suffered losses in your accounts, contact us for a free, confidential consultation with an attorney. 

To learn more about Mr. Nielsen’s history of investor disputes, continue reading this post. The information herein is based on a November 26, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record. 

Suitability Disputes Seek 6-Figure Damages

Between 2023 and 2024, four parties of investors filed disputes involving Mr. Nielsen that are still pending. All four disputes allege that he “recommended an unsuitable, high-risk, investment,” and that he breached his fiduciary duty. The claims, which are still pending, cumulatively seek $531,200 in alleged damages.

Steven Nielsen Defends Against Allegations

An identical “Broker Statement” appended to each pending dispute’s disclosure outlines Mr. Nielsen’s defense against the allegations. In each statement, he “vehemently” denies wrongdoing and asserts that the claims are meritless. He adds that the investments were suitable, and that they were offered after the customer reviewed relevant documentation. 

“The customer confirmed in writing that they not only received the requisite investment documentation/disclosures, but that [she/he] fully understood the characteristics and risks of the investments,” the statements read. “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

Past Disputes Alleged Unsuitability, Churning

Between 2014 and 2023, seven other parties of investors lodged disputes involving Mr. Nielsen. These claims detailed allegations of unsuitable recommendations, churning, and breach of fiduciary duty. His current or former member firms settled the disputes for a total of more than $227,000.

What Is Nielsen Wealth Management Group?

As his BrokerCheck record reflects, Mr. Nielsen does business as Nielsen Wealth Management Group. The firm’s website features a section outlining its philosophy. “As financial professionals, we are committed to helping people just like you create solutions for their retirement assets,” this section reads. “Once we understand your needs and goals, we will work diligently to provide you with customized investment strategies.”

FINRA: Broker Based in Gilbert, Arizona

Mr. Nielsen launched his career as a broker when he joined AXA Advisors office in New York City in 2000. He remained at the firm until 2001, when he departed for Mutual Service Corporation. Over the years that followed, he worked at firms including Royal Alliance Associates, Madison Avenue Securities, and DFPG Investments. He joined Centaurus Financial in 2017 and currently works at its office in Gilbert, Arizona. With 24 years of experience as a broker, he has completed three industry exams, including the Series 7 and the Series 66.

Broker Fraud Victims Have Options

MDF Law’s seasoned broker fraud attorneys have recovered more than $100 million in losses for their clients. We take cases on a contingency basis: clients only pay a fee if they win their case. We currently provide free consultations to investors across the US. If you suffered losses working with Steven Nielsen, call us at 800-767-8040 for a free consultation.

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