Did you lose money investing with Charles Stevens (CRD# 1698058)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Charles Stevens. If you suffered losses investing with Charles Stevens, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of February 2, 2023, Charles Stevens’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
5 Customer Disputes
1 Regulatory Event
5 Judgment(s)/Liens
August 17, 2021 – An OHO decision became final in which Stevens was barred from association with any FINRA member in all capacities. A suspension and fine were not imposed in light of the bar. Stevens had appealed the OHO decision to the NAC, but on August 17, 2021, the appeal was dismissed as abandoned. The sanction was based on the findings that Stevens failed to appear for and provide on-the-record testimony requested by FINRA in connection with its investigation into the accuracy of his Form U4 disclosures. The findings stated that Stevens willfully failed to amend his Form U4 to disclose a judgment and three liens and to make timely disclosure of other liens. Stevens was aware of the liens on or about the dates they were recorded. Stevens never disclosed three liens: one for nearly $216,000, one for almost $111,000 and one for a little over $9,000. Stevens ultimately disclosed the existence of the other liens, but late. Stevens also inaccurately reported the release dates of other liens, falsely reported that liens had been released or discharged and removed previously disclosed, unsatisfied liens from his Form U4. Consequently, Stevens’ Form U4 has portrayed a grossly inaccurate representation of his substantial tax liabilities. In addition, the Internal Revenue Service (IRS) filed a complaint against Stevens to obtain a consolidated judgment for federal income taxes he owed and to foreclose on several liens related to real estate he owned. The IRS and Stevens, through counsel, jointly moved for the entry of a consent judgment against Stevens for the unpaid taxes, totaling $634,387. Stevens never disclosed the judgment on his Form U4. The findings also stated that Stevens submitted false statements on his member firm’s annual compliance questionnaires stating that he had no undisclosed liens. (FINRA Case #2017056627801)
Current and Previous Registrations
06/06/2006 – 02/05/2020 D.H. HILL SECURITIES, LLLP (CRD#:41528) ST. AUGUSTINE, FL
07/08/1987 – 05/24/2006 NYLIFE SECURITIES INC. (CRD#:5167) ST AUGUSTINE, FL
02/24/1995 – 12/12/1996 EAGLE STRATEGIES CORP (CRD#:36707)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Charles Stevens and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
