Last Updated: May 2024 (Houston, TX)
Russell Stein Investigation Summary
Here’s what you need to know about Houston, TX, stockbroker Russell Stein:
- Name: Mr. Russell William Stein
- Current Employer: Raymond James & Assoc.
- Previous Firms: Morgan Keegan & Co.
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: None
- Primary Location: Houston, Texas
- CRD 434765
- Can Russell Stein be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Highest Settlement or Award: $1,102,500
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Russell Stein As Your Stockbroker?
Russell Stein discloses the settlement of three customer complaints, including:
- In 2021 a customer of Raymond James was paid $167,500 to resolve allegations that Stein made unsuitable recommendations and traded the account without authority 12/4/09-6/30/21.
- A Morgan Keegan customer was paid $1,102,500 in 2011 to settle a FINRA arbitration alleging that Stein made misrepresentations with regard to mutual funds.
[LEARN MORE]:Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
FINRA Rule 2111- suitability -Regulation Best Interest
Allegations of Broker Misconduct Against Russell Stein
Customers of Russell Stein have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendations
- Misrepresentation
- Unauthorized trading
[LEARN MORE]:
Other Cases Involving Unauthorized Trading
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Russell Stein, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.