Investors might have sustained losses because of securities broker Stephen Romney Swensen (also known as Stephen Swenson) [CRD: 2885578, Clearfield, Utah], according to disclosures on FINRA BrokerCheck. It appears that Stephen Swensen worked for J.W. Cole Financial Inc. from May 8, 2018, to July 2, 2018. Keep reading to learn more about the investor disputes involving Swensen and the nature of the allegations.
Evidently, on February 26, 2024, a Wealth Navigation Advisors and JW Cole Financial Inc. client filed FINRA Arbitration No. 24-00290 about Stephen Swensen. The client alleged that Swensen made unauthorized transactions. Because of this, the client allegedly sustained damages. Therefore, the client requested $14,400,000 in compensation from Wealth Navigation Advisors and JW Cole Financial Inc. or Swensen. Evidently, this arbitration is pending a resolution.
Particularly, a client of Wealth Navigation Advisors and JW Cole Financial Inc. contested Stephen Swensen’s sales practices by filing FINRA Arbitration No. 24-00291 on February 21, 2024. Allegedly, Swensen committed sales practice violations. Supposedly Swensen caused the client to sustain damages. Therefore, the client seeks damages from Wealth Navigation Advisors and JW Cole Financial Inc. or Swensen in the amount of $7,100,000 in this ongoing matter.
Particularly, a Wealth Navigation Advisors client filed FINRA Arbitration No. 23-00931 about Stephen Swensen. The client alleged that Swensen operated a scheme after he left the firm. The allegation states that Wealth Navigation Advisors failed to detect this alleged scheme, which Swensen allegedly operated outside the scope of his activities while affiliated with the firm. Because of this, the client allegedly sustained damages. As a result, on December 13, 2024, Wealth Navigation Advisors settled this matter by paying the client $55,000 in damages.
Also, on June 6, 2022, Wealth Navigation Advisors disaffiliated with Swensen. Evidently, Wealth Navigation Advisors alleged that Swensen failed to disclose an outside business activity.
Seeking more information about Stephen Swensen? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney. Soreide Law Group has recovered losses for investors throughout the country, works on a contingency fee basis, and advances all costs. Swensen and brokerage firms Swensen worked for deny any allegations of sales practice violations.
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