Broker Steve Netzel Allegedly Recommended Unsuitable Alternative Investments

Soreide Law Group is reviewing possible claims of unsuitable sales or recommendations by securities broker Steve Netzel (CRD#: 2863170, Sun Lakes, Arizona). Namely, at least one client of Kalos Capital challenged Netzel’s investment recommendations suggesting that he gave bad advice. Also, Arizona Corporation Commission censured him from selling unregistered securities. These disclosures suggest that Netzel sold unsuitable private equities and alternative investments potentially including GPB Funds. Here’s more:

Steve Netzel Allegedly Gives Bad Advice To Kalos Client About Alternative Investments

Evidently, a client of Kalos Capital contested Netzel’s sales practices through bringing FINRA Arbitration #: 19-02921. Namely, the client suggested in this October 7, 2019 suit that Netzel failed to have a reasonable basis to believe that his recommendations were suitable. It seems that the client received bad advice on oil and gas securities and real estate securities including private equity investments. For this reason, the client asked for $300,000 in damages in this pending matter.

Arizona Corporation Commission Censures Netzel For Allegedly Selling Unregistered Securities

Apparently, in 2012, the Arizona Corporation Commission Securities Division issued a $10,000 fine to Netzel while ordering him to cease and desist offering or selling unregistered securities to Arizona residents. See Case #: S-20840a-12-0084. Notably, the Division claimed that Netzel violated A.R.S. 44-1841 by selling unregistered securities which contained no exemption from registration.

Steve Netzel Possibly Recommended Or Sold GPB Funds To Clients Of Kalos

Publicly available sources indicate that Kalos Capital brokers including Netzel possibly recommended GPB Capital Holdings. Notably, FBI, SEC and FINRA investigated GPB Capital Holdings for the accuracy of disclosures it made to investors about fund performance and capital distributions. Apparently, its CCO, Michael Cohn, has been charged with obstructing an SEC investigation. Not only that, but in 2019, investors filed a class action lawsuit against GPB Capital Holdings. The lawsuit alleges damages from conflicts of interest, self-dealing and even a Ponzi scheme. GPB Capital Holdings accumulated $1.8 billion+ largely through the sale of private placements.

Did You Suffer Losses By Investing Through Netzel?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses because of Netzel? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.