Stifel, Nicolaus & Company, Incorporated Financial Advisor Stephen Hurtuk Barred by FINRA
Posted on Wednesday, October 3rd, 2018 at 5:06 pm
Erez Law is currently investigating Stifel, Nicolaus & Company, Incorporated financial advisor Stephen Hurtuk (CRD# 848484) who was recently barred by FINRA for unsuitable recommendations. Weber was an industry veteran who began his career at Merrill Lynch in New York, New York in 1978, where he worked until 2001, followed by Citigroup Global Markets Inc. in Canfield, Ohio from 2001 to 2007. Hurtuk has been registered with Stifel, Nicolaus & Company, Incorporated in Boardman, Ohio from 2007 to October 2017.
In September 2018, FINRA barred Hurtuk after he did not participate in an investigation into alleged unsuitable recommendations made to eight customers.
Hurtuk has been the subject of seven customer complaints between 2004 and 2018, two of which was denied, according to his CRD report:
June 2018. “Customers allege that registered representative breached his fiduciary duty to customers, placed them in speculative stock and took no action to minimize loss.” The customer sought $45,493.50 in damages and the case was settled for $26,500.
June 2018. “Customer alleges that her account should have been “rated conservative income” rather than a growth and income primary investment objective / moderately aggressive risk tolerance.” The customer sought $16,558.30 in damages and the case was settled for $15,000.
November 2017. “Client alleges that registered representative concentrated the client’s accounts in two securities, which resulted in losses.” The customer sought $79,908.20 in damages and the case was settled for $25,000.
June 2017. “Client alleges that registered representative failed to diversify the client’s portfolio and invested in speculative equities on February 5, 2015 and May 26, 2015.” The customer sought $366,657 in damages and the case was settled for $145,000.
May 2016. “Client alleges trades executed in her accounts on May 19, 2015 were unsuitable.” The case was settled for $99,658.18.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Stifel, Nicolaus & Company, Incorporated may be liable for investment or other losses suffered by its customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.