Stephen Romney Swensen, of Clearfield, Utah, a stockbroker registered with JW Cole Financial Inc. and investment advisor representative of Wealth Navigation Advisors, is the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $14,400,000.00 in damages resulting from an alleged fraud relating to a registered representative’s activities away from the securities broker dealer and investment advisory. FINRA Arbitration No. 24-00290 (February 14, 2024).
Swenson died on June 6, 2022. The Securities and Exchange Commission filed charges against the estate of Stephen Romney Swensen, a former registered investment adviser representative, for operating a fraudulent investment offering from 2011 until 2022 that raised over $29 million from more than 50 investors. Securities and Exchange Commission v. The Estate of Stephen Romney Swensen, and Crew Capital Group, LLC, Defendants, Wendy Swensen, Saria C. Rodriguez, WS Family IP, LLC, and Wingman, LLC, and Swensen Capital, LLC, Relief Defendants, No. 1:22-cv-00135-DBP (D. Utah filed Oct. 14, 2022)
This is not the first issue concerning Swensen’s conduct with customers in the securities industry. FINRA Public Disclosure shows that Swensen was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $850,000.00 in damages based upon the alleged failure by Wealth Navigation to identify fraudulent activities. FINRA Arbitration No. 23-00931 (April 13, 2023).
On May 12, 2023, a different customer filed an investment related FINRA securities arbitration claim in which the customer requested $15,000,000.00 in damages based upon allegations of fraud that occurred away from JW Cole Financial Inc. while Swensen was associated with the securities broker dealer. FINRA Arbitration No. 23-01255. This matter was withdrawn on May 21, 2024.
On June 6, 2022, Wealth Navigation Advisors discharged Swensen for allegedly failing to disclose an outside business activity.
Swensen was associated with J.W. Cole Financial Inc. in Clearfield, Utah for only two months, from May 8, 2018, to July 2, 2018, and the alleged conduct, at least according to J.W. Cole, transpired after Swenson was terminated.
