Last Updated: October 2023 (Spicewood, Texas )
Steve Kwan Investigation Summary
Here’s what you need to know about Austin, TX, stockbroker Stephen Kwan:
- Name: Mr. Stephen Yauman Kwan
- Current Employer: Not currently registered with FINRA- DBA Insight Wealth Management, Stephen Kwan, CPA
- Previous Firms: Madison Avenue Securities, NY Life Securities, Ark Wealth Management
- Function: Stock Broker/ Financial Advisor
- Aliases: Stephen Kwan, Steve Kwan
- Primary Location: Spicewood, TX
- CRD 3183681
- Can Steve Kwan be sued in FINRA arbitration: Yes
- Sanctioned by Texas Securities Regulator: Yes- GPB Automotive Sales
- Highest Settlement $65,003
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Steve Kwan As Your Stockbroker?
In 2022 Steve Kwan was sanctioned by The Texas State Securities Board (TSSB) for recommending the sale of GPB Automotive to six customers of Madison Avenue Securities notwithstanding the fact that Kwan had been notified that his firm was suspending sales of GPB. TSSB suspended Kwan for 90 days ending 1/30/23. Link to TSSB order sanctioning Kwan.
Four customers of Madison Avenue Securities were paid settlements to resolve claims involving Steve Kwan and his sales of GPB Automotive. Settlements ranged from $19,500 to $65,003.
There is currently one customer complaint pending by a Madison Avenue Securities customer who purchased $160,000 in alternative investments recommended by Steve Kwan.
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Allegations of Broker Misconduct Against Steve Kwan
Customers of Steve Kwan have alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to purchase GPB Automotive
- Unsuitable Recommendation to invest Alternative Investments
- Violations of Texas and FINRA Regulations
- Overconcentrating Account
- Failure to Conduct Due Diligence
- Misrepresentations and Omissions
- Breach of Fiduciary Duty
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 Steve Kwan, contact us for a complimentary consultation with an experience 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.
