Former Kingswood Capital Partners, LLC broker Doug Nelson (CRD# 4609776) is accused of GWG Holdings Inc. L Bond investment losses. He has been registered with LPL Financial LLC in Pahrump, Nevada, since 2023. Previously, he was registered with the following firms in the past decade:
- M Stevens Wealth Advisors, LLC in Pahrump, Nevada, from 2018 to 2023,
- Kingswood Capital Partners, LLC in Irvine, California, from 2018 to 2022
- Chalice Wealth Advisors in Costa Mesa, California, from July to September 2018
- Waddell & Reed in Sherman Oaks, California, from 2003 to 2018
Doug Nelson Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
January 2024. “Claimants file this action to recover damages and losses suffered as a result of Kingswood Capital Partners’ unsuitable and misleading investment recommendations to invest and hold a portion of Claimants’ assets into GWG Holding Inc.’s L Bonds (“GWG L Bonds”) and Respondents’ failure to conduct reasonable due diligence about the GWG L Bonds and its issuer GWG Holdings, Inc. (“GWG Holdings”). The recommendations were not consistent with the standard of care mandated by FINRA’s suitability rule or the Securities and Exchange Commission under Rule 15l-1(a) of the Securities Exchange Act of 1934 (“Regulation Best Interest” or “Reg BI”). The investments were made between 11/2018 and 2/2019.” The customer is seeking $250,000 in damages, and the case is currently pending. The complaint is regarding corporate debt, and it took place while he was registered with Kingswood Capital Partners, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Kingswood Capital Partners, LLC may be liable for investment or other losses suffered by Doug Nelson’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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