Our firm is investigating LPL Financial LLC financial advisor Stephen H. Wagner (CRD# 2193508) of Ventura, California for potential investment-related misconduct.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, Wagner was previously registered with:
- LPL Financial LLC (Ventura, California): 01/2016 – 01/2026
- Transamerica Financial Advisors, Inc. (Ventura, California): 09/2009 – 02/2016
- Transamerica Financial Advisors, Inc. (Ventura, California): 10/1992 – 09/2009
The report also reflects Wagner’s disclosed investment-related business activity, including his role as Managing Member and Investment Adviser Representative of Integrity Wealth Advisors, Inc. (Ventura, California).
Stephen H. Wagner Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects three customer dispute disclosures and one employment separation disclosure for Wagner.
Customer Dispute Alleging Unsuitable Equity Purchases (2006 Purchases; Complaint Received 2010; Settled)
A customer alleged that certain 2006 purchases in her managed brokerage account were unsuitable, involving listed equities, with alleged damages of $16,000. The complaint was received 02/22/2010 and reflects a settlement of $8,000 (with an individual contribution amount of $5,000), status dated 03/25/2010.
Customer Dispute Alleging Unsuitable Purchases and Losses (Complaint Received 2014; Denied)
A customer alleged Wagner made unsuitable purchases resulting in investment losses, involving listed equities, with alleged damages of $80,000. The complaint was received 11/05/2014 and was denied, with a status date of 03/08/2016.
Customer Dispute Alleging Lack of Suitability in Advisory Account (Complaint Received 2001; Denied)
A customer alleged lack of suitability regarding investments made in an investment advisory account, involving mutual funds, with alleged damages of $50,000. The complaint was received 10/04/2001 and was denied, with a status date of 01/22/2002.
Employment Separation After Allegations (LPL Financial LLC; Discharged 12/17/2025)
FINRA BrokerCheck reflects that Wagner was discharged by LPL Financial LLC on 12/17/2025 following allegations described as: “Executed transactions in low-priced securities.”
Disclosure recap (for quick reference):
- Customer Dispute (Settled) — Alleged unsuitable 2006 equity purchases; alleged damages $16,000; settled $8,000; status date 03/25/2010.
- Customer Dispute (Denied) — Alleged unsuitable equity purchases; alleged damages $80,000; complaint received 11/05/2014; denied; status date 03/08/2016.
- Customer Dispute (Denied) — Alleged lack of suitability in advisory account; mutual funds; alleged damages $50,000; complaint received 10/04/2001; denied; status date 01/22/2002.
- Termination (Discharged) — Allegations: executed transactions in low-priced securities; termination date 12/17/2025.
To obtain a copy of Stephen H. Wagner’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires a broker to have a reasonable basis to believe a recommendation or strategy is suitable for the customer based on the customer’s investment profile. In disputes alleging unsuitable purchases (including equities or mutual funds), Rule 2111 is often central because the analysis focuses on whether the investments aligned with the customer’s objectives, risk tolerance, time horizon, and liquidity needs.
FINRA Rule 2090 (Know Your Customer) requires reasonable diligence to know the essential facts about each customer and the authority of each person acting on behalf of the customer. In cases alleging unsuitable transactions or losses, Rule 2090 can be implicated where investors contend the advisor lacked (or failed to document) a sufficient understanding of the customer’s constraints before the transactions were recommended or executed.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that can be implicated across many forms of alleged misconduct, including allegations relating to transaction handling and conduct involving higher-risk securities. Where a firm discloses that a broker was discharged after allegations involving executed transactions in low-priced securities, Rule 2010 may be analyzed as a baseline conduct standard alongside the more specific rules governing suitability, customer diligence, and supervision.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.