Center Street Securities

Broker Seth Stewart in Center Street Securities, INC. Firm Has Customer Complaint

July 2, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Seth Stewart (Stewart), previously associated with Center Street Securities, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Stewart recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on October 30, 2023.

Clients allege registered representative recommended an unsuitable investment.

Broker Michael Ecker in Center Street Securities, INC. Firm Has Customer Complaint

June 17, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Ecker (Ecker), previously associated with Center Street Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Ecker recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on June 20, 2023.

Client alleges that that he was recommended unsuitable alternative investments.

There are Recent Customer Complaints with Broker Stephen Kiszlowski in Firm Center Street Securities, INC.

April 28, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Stephen Kiszlowski (Kiszlowski), previously associated with Center Street Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Kiszlowski recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $60,200.00 on June 16, 2024.

GWG bond was no suitable for the customer

Broker Michael Corrada in Center Street Securities, Inc. Firm Has Customer Complaint

March 29, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Corrada (Corrada), previously associated with Center Street Securities, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Corrada recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $200,000.00 on January 23, 2025.

The claimant alleges unsuitable investments.

There are Recent Customer Complaints with Broker Michael Corrada Formerly with Center Street Securities

February 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Corrada (Corrada), previously associated with Center Street Securities, Inc., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Corrada recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 13, 2024.

The claimant alleges unsuitable investments.

Seth Stewart Has Customer Complaints Over Alternative Investments

September 20, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Seth Stewart, currently employed by Brookstone Financial and formerly employed by Center Street Securities, Inc. (Center Street), has been subject to at least two customer complaints during his career. According to records kept by the Financial Industry Regulatory Authority (FINRA), Stewart’s customer complaints allege that Stewart recommended unsuitable investments in illiquid alternative investments – a high risk investment category.

In February 2020, a customer complained that Stewart violated the securities laws by alleging that Stewart engaged in unsuitable investment advice. The claim alleges $200,000 in damages and is currently pending.

In December 2019, a customer complained that Stewart violated the securities laws by alleging that Stewart was unaware that certain investments he made were illiquid. The claim alleges $100,000 in damages and is currently pending.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure. Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for the investments.

Several studies have confirmed that Non-traded REITs underperform publicly traded REITs with some showing that Non-Traded REITs cannot even beat safe benchmarks, like U.S. treasury bonds. Brokers selling these products must disclose to the investor that non-traded REITs provide lower investment returns than treasuries while being high risk and illiquid – but almost never do. Because investors are not compensated with additional return in exchange for higher risk and illiquidity, these kinds of alternative investment products are rarely, if ever, appropriate for investors.

Center Street Advisor Roy Williams Has Investment Complaints

April 12, 2021 | by Staff Attorney

Advisor Roy Williams (Williams), currently employed by brokerage firm Center Street Securities, Inc. (Center Street Securities) but doing business as Williams Financial Group has been subject to at least seven customer complaints and one regulatory action during the course of his career. According to a BrokerCheck report the most recent customer complaints since 2017 concern alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.

In May 2020a customer complained that Williams violated the securities laws by alleging that Williams made unsuitable investments and failed to conduct due diligence on the investments made. The claim involves alternative investments, alleges $100,000 damages, and is currently pending.

DDPs include products such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments. These alternative investments virtually never profit investors and are almost always unsuitable for investors because of their high fee and cost structure. Brokers selling these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for the investments.

Several studies have confirmed that Non-traded REITs underperform publicly traded REITs with some showing that Non-Traded REITs cannot even beat safe benchmarks, like U.S. treasury bonds. Brokers selling these products must disclose to the investor that non-traded REITs provide lower investment returns than treasuries while being high risk and illiquid – but almost never do. Because investors are not compensated with additional return in exchange for higher risk and illiquidity, these kinds of alternative investment products are rarely, if ever, appropriate for investors. Continue Reading

Investor Recovery – Advisor Sean Kelly Accused of Stealing More than $1 Million From Clients

December 22, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Sean Kelly (Kelly), in October 2018, was accused by the Securities and Exchange Commission (SEC) of stealing more than $1 million from his clients.

According to the SEC, Sean Kelly used his companies, Lion’s Share Financial of East Cobb, Inc., Lion’s Share & Associates, Inc., and Lionsshare Tax Services, LLC, (Lion Share) to raise at least $1 million from 12 investors, including elderly retirees. Kelley is accused of promising that he would invest investor funds in a variety of investment products including private placements and real estate funds. However, the SEC determined that Kelly just spent the money on his own personal expenses including Super Bowl tickets, luxury vacations, and cash withdrawals. Apparently, even after he received an SEC subpoena Kelly continued to just steal money from investors. Instead, the SEC alleged that Kelly continued to dodge the agency and did not show up for his scheduled testimony after informing the SEC’s staff that he would show up and “come clean.” In a separate action, the U.S. Attorney’s Office for the Northern District of Georgia filed criminal charges against Kelly and arrested him.

The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

FINRA Sanctions Broker John Oldham Over Alternative Investment Sales

June 20, 2017 | by Staff Attorney

Broker John Oldham (Oldham) was recently sanctioned by The Financial Industry Regulatory Authority (FINRA) in an enforcement action. According to the FINRA AWC (Letter of Acceptance, Waiver, and Consent 2015046203101) FINRA found that Oldham consented to sanctions that he shared commissions from the sales of alternative investments with an unregistered entity. According to FINRA, Oldham facilitated the sales of the alternative investments totaling more than $4.8 million to customers referred to him and shared commissions with the unregistered entity in the amount of $240,000 for these transactions. FINRA found that while Oldham executed subscription agreements on behalf of the third-party, in some instances this representation on those forms were inaccurate because Oldham had not communicated with the customer who had executed the subscription agreement.

The securities lawyers of Gana Weinstein LLP are investigating the regulatory complaint against Oldham. In addition to the regulatory action, there is one employment termination for cause listed for Oldham alleging possible violation of FINRA Rule 2040.

Our firm often handles cases involving direct participation products (DPPs) and private placements including oil and gas partnerships, non-traded real estate investment trusts (REITs), and other alternative investments.

Center Street Securities Broker Jason Lamb Sanctioned Over GWG Renewable Secured Debentures

December 30, 2014 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) in an acceptance, waiver, and consent action (AWC) and barring former Center Street Securities, Inc. (Center Street) broker Jason Lamb (Lamb) concerning allegations that between March 2012, to February 2013, Lamb was a registered principal and Chief Compliance Officer (CCO) at Center Street’s headquarters in Nashville, Tennessee. FINRA found that Lamb failed to adequately supervise certain sales of GWG Renewable Secured Debentures, an illiquid and high-risk alternative investment.

Center Street Securities is headquartered in Nashville, Tennessee, has been a FINRA member since 1991, has approximately 67 branch offices and approximately 84 registered representatives. This is not the first time that FINRA has brought regulatory action concerning the actions of Center Street representatives. See Center Street Securities Broker David Escarcega Investigated Over GWG Debenture Sales; FINRA Sanctions Michael Wurdinger and Anil Vazirani Over GWG Debenture Sales (FINRA sanctioned brokers associated with Center Street Securities, Inc.); FINRA Sanctions Center Street Securities Over Sales of GWG Renewable Secured Debentures Part I (Center Street fined by FINRA).

The notes at issue are part of offerings by GWG Holdings, Inc. (GWG) which purchases life insurance policies on the secondary market at a discount to their face value. GWG pays the policy premiums until the insured dies and GWG then collects the insurance benefit making a profit by collecting more on the payout at maturity than the payment of the premiums on the policy. The Debentures have varying maturity terms and interest rates ranging from six-month at an annual interest rate 4.75% to seven years at 9.50%. The prospectus for GWG stated that the investments were speculative and involve a high degree of risk, including the possibility of risk of loss of the entire investment. An investment in the GWG Debentures, as a private placement, is illiquid and investors will not have access to their principal prior to maturity.