August 2018-Melville, New York
According to FINRA records, Stephen J. Sullivan, a stockbroker who currently works for SW Financial (formerly Salomon Whitney Financial) , discloses a prior regulatory event, a pending customer dispute, a prior customer dispute and 3 currently pending judgment/liens.
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.
In February 2016, without admitting or denying the findings, Sullivan consented to sanctions and entry of findings that while employed by First Midwest Securities, he exercised discretion in the accounts of two customers without obtaining their prior written approval. He was suspended for 10 business days and fined $5,000.
In currently pending FINRA Case 18-01444 a customer of one of his prior employers, Newbridge Securities, alleges that Sullivan made unsuitable recommendations and traded the account excessively. The customer is seeking damages of $540,618.
According to his FINRA record, sInce obtaining his Series 7 broker’s license in 1998, Sullivan has been employed by 14 different brokerage firms. His current employment with SW Financial began in 5/2018.
Sullivan’s recent prior employment includes Worden Capital Management, Newbridge Securities and Legend Securities.
If you have losses in an account handled Stephen Sullivan, call for a no charge consultation to learn about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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