Investor Seeks $4.3 Million in Suitability Dispute with Richard Stevens

Richard Stevens (CRD #: 852090), a broker registered with IBN Financial Services, allegedly failed to conduct due diligence on an investment, according to his BrokerCheck record, accessed on October 14, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Dispute

On July 13, 2022, an investor alleged that Richard Stevens recommended an unsuitable investment product and failed to conduct sufficient due diligence on the product beforehand. The client seeks $4.3 million in damages in this pending dispute.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to evaluate whether an investment fits the financial goals described in an investor’s profile. These profiles include information about investors’ risk tolerance, tax status, and age.

Regulation Best Interest (Reg-BI) was adopted by the Securities and Exchange Commission to extend FINRA Rule 2111. This regulation requires brokerage firms to put their clients’ best interests first, in part by conducting reasonable diligence when researching potential investments to ensure their suitability for the client.

Background Information

Richard Stevens has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 62 – Corporate Securities Limited Representative Examination
• Series 22 – Direct Participation Programs Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination
• Series 1 – Registered Representative Examination

Richard Stevens is a registered broker in six states and a registered investment adviser in New York.

He has also worked for the following firms:

• Gradient Securities (CRD#:127701)
• Gradient Advisors (CRD#:152665)
• First Allied Securities (CRD#:32444)
• Centaurus Financial (CRD#:30833)
• EQ Financial Consultants (CRD#:6627)
• The Equitable Life Assurance Society of the United States (CRD#:4039)
• First Investors Corporation (CRD#:305)

Kurta Law Can Help

If you worked with Richard Stevens and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.