Cuna Brokerage Services Fires Kyle Steibel After Allegedly Violating Firm Policy
Kyle Steibel (CRD #:6631554), a formerly registered broker, was recently fired by Cuna Brokerage Services, according to his BrokerCheck record, accessed on April 12, 2022. Keep reading for details following his termination.
On March 10, 2022, an investor alleged that Kyle Steibel failed to act in his best interest, in part because he failed to apply breakpoint discounts to mutual fund purchases.
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.
On February 1, 2022, Cuna Brokerage Services fired Kyle Steibel after he allegedly failed to follow firm policy related to:
- Multiple mutual fund family purchases
- Mutual fund switches
- Completion of written mutual fund expense disclosure and acknowledgment forms
Kyle Steibel has passed the following exams:
- 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 firstname.lastname@example.org 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.