At Haselkorn & Thibaut, we often hear stories that sound more like campfire cautionary tales than investment advice. One name that’s come up in conversations with investors: Stephen C. Lawler, affiliated with Cetera Advisors. If you’re working with him—or considering it—here’s what you need to know.
A Look Behind the Curtain
Table of Contents
According to FINRA BrokerCheck, Steve Lawler (CRD# 1193477) has five customer disputes and a bankruptcy filing in his past. That’s not tea leaves or rumor—it’s public record. Here’s a snapshot:
- July 2023: Settled arbitration for $90,000 over alternative investments.
- June 2021: Major case involving unsuitable investment claims settled for $425,000.
- December 2021: Another REIT-related case settled for $30,000.
- May 2020: A smaller case involving REITs resolved for $7,500.
- January 2021: One arbitration was dismissed.
- Bankruptcy: Filed Chapter 11 in early 2020; dismissed in 2021.
Let that sink in. That’s four settlements, all involving real investor complaints, with payouts that raise eyebrows. And when those dollars start stacking up, it’s usually not because the investments were humming along just fine.
What’s Being Alleged
The cases against Steve Lawler tell a consistent story:
- Overconcentration in illiquid REITs and DPPs
- Allegations of unsuitable investment recommendations
- Complaints about misrepresentation
One investor after another claimed they were steered into complex investment products that didn’t match their risk tolerance or financial goals. Some were retirees. Others were simply seeking steady income. Instead, they got stuck in long-term, hard-to-sell investments with too much risk and too little transparency.
We’ve had clients tell us they didn’t even know what a REIT was until they saw their account value shrink. Others thought they were investing in real estate, not realizing they had locked up funds in products they couldn’t exit without a haircut.
Why This Matters
These aren’t just paperwork problems. They’re real dollars lost. Retirement funds that vanished. Emergency savings that became inaccessible.
Let’s put it this way: If your mechanic kept misdiagnosing your engine and charging you for parts you didn’t need, how many visits would it take before you started asking tough questions?
And unlike car repairs, bad investments can’t be returned. You’re often stuck riding them out—or absorbing the hit.
What Investors Should Ask
Before handing your hard-earned money to any advisor—Steve Lawler or otherwise—ask:
- Have you ever settled a customer dispute?
- What types of investments do you typically recommend?
- Do you benefit financially from steering me toward certain products?
- What are the liquidity terms of these investments?
- Have other clients ever lost money with these recommendations?
A trustworthy advisor welcomes those questions. If they dodge, deflect, or downplay past complaints, it might be time to consider your options.
A Pattern in the Data
The size and nature of the settlements suggest this isn’t about a one-time misstep. The types of investments involved—REITs and other illiquid products—aren’t inherently bad, but they’re not a fit for everyone. And once you’re in, getting out can be like pulling teeth without novocaine.
These investments often come with high commissions, limited marketability, and minimal transparency. They’re designed more for sales than suitability in many cases.
What’s more troubling is that the same themes repeat: unsuitable investments, misrepresentation, large settlements. That pattern raises the question: were clients really being advised—or just sold?
Summary Table: Steve Lawler’s Reported Disputes
| Date | Allegation Type | Outcome | Settlement Amount |
|---|---|---|---|
| Jul 2023 | Alternative Investments | Settled | $90,000 |
| Jun 2021 | Unsuitable Recommendations | Settled | $425,000 |
| Dec 2021 | REIT-related | Settled | $30,000 |
| May 2020 | REIT-related | Settled | $7,500 |
| Jan 2021 | REIT-related | Dismissed | $0 |
A Friendly Heads-Up
If you’ve worked with Steve Lawler, or if you’re holding REITs or other complex investments you didn’t fully understand at the time, let’s talk. You’re not alone. These products can be challenging to evaluate, and many investors were never given the full story.
You might think, “Well, I signed the forms, so maybe it’s on me.” But signing doesn’t mean consenting to poor advice. Advisors are held to a standard. And if that standard wasn’t met, you may have a case.
Even if your investments seem fine now, it’s worth reviewing them. Illiquid products often hide risk that doesn’t surface until years later—when it’s too late.
Call Us — No Pressure
At Haselkorn & Thibaut, we help investors sort out messy situations. We’re a national firm focused on investment loss recovery, and we’re currently investigating claims involving Steve Lawler and Cetera Advisors.
We’ve represented retirees, professionals, and small business owners who trusted their advisors and ended up holding the bag. Our team knows what to look for, how to dig, and how to recover what was lost—when possible.
Call us at 1-888-885-7162 for a free, confidential consultation. It’s quick, easy, and zero obligation.
Because sometimes the smartest move isn’t figuring things out alone. It’s getting someone in your corner who knows how to spot a bad hand—and how to fix it.
We’re here to listen, not to judge. If you’re unsure whether you have a claim or not, give us 15 minutes. You might walk away with clarity—and maybe even a path to recovery.
