Our firm is investigating Cetera Investment Services LLC financial advisor Steven Lovell (CRD# 5975704) of Upper Arlington, Ohio for potential investment-related misconduct.
Financial Advisor’s Career History
Steven Lovell has worked in the securities industry since at least 2011 and has been registered with multiple firms, including:
- Cetera Investment Services LLC (Upper Arlington, Ohio) — Registered Representative (10/2024–Present)
- Cetera Investment Advisers LLC (Upper Arlington, Ohio) — Investment Adviser Representative (10/2024–Present)
- First Merchants Investment Services (Upper Arlington, Ohio) — Registered Representative (10/2024–Present)
- Morgan Stanley / Morgan Stanley Smith Barney LLC (Dublin, Ohio; also reported New York, New York) — Financial Advisor (09/2022–10/2024)
- Key Investment Services LLC (Columbus, Ohio; also reported Anderson, Indiana) — Financial Advisor / Registered Representative (06/2012–09/2022)
- PNC Investments (Columbus, Ohio) — Registered (10/2011–05/2012)
Steven Christopher Lovell Fraud Allegations and Investor Complaints Explained
BrokerCheck reflects four (4) customer dispute disclosures for Steven Lovell, involving allegations tied primarily to annuity recommendations and related disclosures.
Disclosures (for context):
- Customer Dispute (Settled) — Alleged misrepresentation regarding a 1035 variable annuity exchange recommended in 2023; complaint received 09/01/2025; settled 11/13/2025.
- Customer Dispute (Settled) — Alleged failure to disclose surrender schedule and charges related to an Equitable Structured Cap Strategies variable annuity purchased 08/2022; complaint received 12/22/2022; settled 03/17/2023.
- Customer Dispute (Denied) — Alleged misrepresentation regarding a July 2017 recommendation to purchase two Great American fixed indexed annuities; complaint received 02/02/2021; denied 03/29/2021.
- Customer Dispute (Closed/No Action) — Alleged misrepresentation regarding a January 2016 purchase of a Pacific Life variable annuity (with later additions), including allegations about income rider features; also alleged misrepresentation regarding income riders on Great American indexed annuities; complaint received 10/02/2020; closed/no action 01/20/2021.
November 2025 Settlement Over Alleged Misrepresentation in 1035 Variable Annuity Exchange
A customer alleged misrepresentation regarding a 1035 annuity exchange into a variable annuity that was recommended in 2023. The complaint was received on September 1, 2025, and the matter was reported as settled with a $46,000 settlement on November 13, 2025 (with $0 reported as the individual contribution amount).
March 2023 Settlement Over Alleged Failure to Disclose Surrender Schedule and Charges
A customer alleged that surrender schedule and charges were not disclosed at the time of purchase of an Equitable Structured Cap Strategies variable annuity in August 2022. The complaint was received on December 22, 2022, alleged damages were reported as $18,604.42, and the matter was reported as settled on March 17, 2023 with a $876.90 settlement (with $0 reported as the individual contribution amount).
March 2021 Denial Over Alleged Misrepresentation of Great American Fixed Indexed Annuities
A customer alleged that a July 2017 recommendation to purchase two Great American fixed indexed annuities totaling $32,093 was misrepresented. The complaint was received on February 2, 2021, alleged damages were reported as $5,139.72, and the matter was reported as denied on March 29, 2021.
January 2021 Closure Over Alleged Misrepresentation of Income Rider Features
A customer alleged misrepresentation regarding a January 2016 recommendation to purchase a Pacific Life variable annuity, including allegations tied to an income rider, and also alleged misrepresentation regarding income riders on Great American indexed annuities held by the customer and the customer’s spouse. The complaint was received on October 2, 2020, alleged damages were reported as $5,000 (with an explanation that damages were expected to exceed that amount), and the matter was reported as closed/no action on January 20, 2021.
To obtain a copy of Steven Christopher Lovell’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommendation is suitable for a particular customer based on that customer’s investment profile; where complaints allege misrepresentation tied to annuity exchanges or complex annuity features, suitability analysis often focuses on whether the product and strategy aligned with the investor’s objectives, time horizon, liquidity needs, and risk tolerance.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that can be implicated when disputes involve alleged misrepresentations or omissions—such as allegations that surrender charges, rider limitations, or material product terms were not fairly presented—because investors are entitled to honest communications and fair dealing from registered representatives.
FINRA Rule 3110 (Supervision) requires member firms to establish and maintain a supervisory system reasonably designed to achieve compliance with applicable rules; in matters involving repeated annuity-related allegations, supervision issues may include whether the firm maintained adequate procedures for annuity review, exchange oversight, disclosure delivery, and review of sales practice red flags.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
