October 8, 2015
Paul Anthony Steffany , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he he violated NASD and FINRA Rules by converting at least $112,742 belonging to a firm customer, a trust under an Estate for which he served as the trustee.
Conversion is the intentional and unauthorized taking ofand/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. Conversion of customer funds violates NASD Rule 2330(a) and FINRA Rule 2150(a), which prohibit persons associated with a FINRA-regulated broker-dealer from making”improper use” ofa customer’s funds.
Conversion also violates NASD Rule 2110 and FINRA Rule 2010, which require associated persons to observe ”high standards of commercial honor and just and equitable principles of trade.”
In addition, FINRA alleges that Steffany forged checks payable to the Estate and used the funds to pay his personal expenses.
AWC No. 2014041650301
Steffany was barred from the securities industry.
According to FINRA records, Steffany was registered with Moors & Cabot, Inc. from 7/2014-10/2015. Prior to that he was registered with Raymond James from 6/2007-6/2014.
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