Investors potentially experienced losses because of securities broker Stephen Romney Swensen (also known as Stephen Swenson) [CRD: 2885578, Clearfield, Utah], according to disclosures on FINRA BrokerCheck. According to the regulator, Stephen Swensen worked for J.W. Cole Financial Inc. from May 8, 2018, to July 2, 2018, and for Allegis Investment Services LLC from July 1, 2014, to May 8, 2018. Read on to learn more about the disclosures concerning this securities broker.
Particularly, on February 26, 2024, a Wealth Navigation Advisors and J.W. Cole Financial Inc. client filed FINRA Arbitration No. 24-00290 about Stephen Swensen. Supposedly, Swensen failed to detect an alleged unauthorized transaction operated away from the firm. The transaction was allegedly perpetrated by a former representative affiliated with the firm. This was reportedly done outside the scope of Swensen’s activities with the firm and concerned investments clients made with the securities broker after he left the firm. Because of this, the client allegedly sustained damages. Therefore, the client requested $14,400,000 in compensation from Wealth Navigation Advisors and J.W. Cole Financial Inc. Evidently, this arbitration is pending a resolution.
Specifically, on February 21, 2024, a Wealth Navigation Advisors and JW Cole Financial Inc. client filed FINRA Arbitration No. 24-00291 about Stephen Swensen. Supposedly, Swensen failed to detect an unauthorized transaction operated away from the firm, perpetrated by a former securities broker who was affiliated with the firm. Therefore, the client requested $7,100,000 in compensation from Wealth Navigation Advisors and JW Cole Financial Inc. Evidently, this arbitration is pending a resolution.
Also, a client of Wealth Navigation Advisors contested Stephen Swensen’s sales practices by filing FINRA Arbitration No. 23-00931. The allegations mirror those in prior disputes. It appears Swensen caused the client to sustain damages. Therefore, Wealth Navigation Advisors opted to settle the matter on December 13, 2024, by compensating the client in the amount of $55,000.
Seeking more information about Stephen Swensen? If you incurred losses, reach out to Soreide Law Group online or at (888) 760-6552 and talk to a securities lawyer concerning a potential recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Swensen and brokerage firms Swensen worked for deny accusations of sales practice violations.
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