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Stephan Coles Allegedly Misrepresented Tax Consequences of 403(b) Plan

Stephan Coles (CRD #: 709672), a broker registered with Voya Financial Advisors, was recently involved in an investor dispute, according to his BrokerCheck record, accessed on September 12, 2022. If you have questions about conduct as a his broker, read on.

Investor Dispute

On May 27, 2022, an investor alleged that, in June 2003, Stephan Coles misrepresented the taxation of distributions from the client’s 403(b) Defined Contribution Plan. This dispute was denied by the firm.

Investors should know, however, that firms don’t need to permit an outside review before denying a dispute. Investors can still pursue FINRA arbitration and potentially recover their funds after a denial.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which bans the use of manipulation, deception, and other unethical tactics to influence the purchase and sale of securities.

FINRA Rule 2010

FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and just and equitable principles of trade. Violations of FINRA Rule 2020 are automatic violations of FINRA Rule 2010. 

Background Information

Stephan Coles has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 1 – Registered Representative Examination

Stephan Coles is a registered broker in seven states and a registered investment adviser in New York.

He has also worked for the following firms:

  • ING Financial Advisers (CRD#:34815)
  • Aetna Life Insurance and Annuity Company (CRD#:13256)
  • The Prudential Insurance Company of America (CRD#:680)
  • Mutual Benefit Financial Service Company (CRD#:4882)
  • The Mutual Life Insurance Company of New York (CRD#:2873)
  • Cigna Securities (CRD #: 145) 
  • CG Equity Sales Company (CRD#:145)

Kurta Law Can Help

If you worked with Stephan Coles 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.