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Kyle Steibel Racked Up 13 Investor Disputes in 2022

Apr 25, 2022 Investor Disputes

Kyle Steibel (CRD #:6631554), a formerly registered broker, was recently fired by Cuna Brokerage Services, according to his BrokerCheck record, accessed on January 6, 2023. Keep reading for details regarding his alleged conduct as a broker. 

Termination Details

On February 1, 2022, Cuna Brokerage Services fired Kyle Steibel after he allegedly failed to follow firm policy related to: 

  1. Multiple mutual fund family purchases
  2. Mutual fund switches
  3. Completion of written mutual fund expense disclosure and acknowledgment forms

If investors purchase shares of mutual funds, and then later purchase shares in the same family of mutual funds, they may be entitled to discounts. These are called “breakpoint” discounts. Class A mutual funds typically charge front-end fees. It is the broker’s responsibility to ensure that their investor receives the discounts that they are entitled to. 

The investor further alleged that Kyle Steibel failed to disclose mutual fund sales charges and underrepresented sales charge expenses to the investor. 

Investor Disputes

Since his termination, Kyle Steibel has added another 13 investor disputes. 

On Stepember 12, 2022, an investor alleged that Kyle Steibel replaced two existing annuities with unsuitable replacements. The dispute settled for $57,061.34. 

According to allegations filed on May 31, 2022, an investor alleged her portfolio has declined in value and that Kyle Steibel did not invest her money as she requested. He also allegedly assured her that her funds were safe and would earn 6% per year. FINRA Rule 2150 prohibits brokers from guaranteeing against losses. 

The other 11 disputes collectively resolved for $259,644.29. 

Background Information

Kyle Steibel has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 Uniform Securities Agent State Law Examination 
  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

Besides Cuna Brokerage Services, he has also worked with Edward Jones (CRD#:250).

Kurta Law Can Help

If you have been victimized after working with Kyle Steibel, don’t hesitate to contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.