Stephen Florio Suspended by FINRA
Stephen Florio (CRD #: 1186577), a broker formerly registered with Cambridge Investment Research, has been suspended by FINRA, according to his BrokerCheck record, accessed on May 17, 2023. Keep reading to learn more about his alleged conduct as a broker.
2023 FINRA Suspension
On April 26, 2023, Stephen Florio received a Letter of Suspension alleging that he failed to comply with an arbitration award/settlement agreement or to adequately respond to a FINRA request to provide information about the status of his compliance.
His suspension took effect on April 26, 2023, and will continue until the requested payment is made or discharged.
On November 27, 2018, Raymond James & Associates filed a complaint against Stephen Florio alleging breach of contract in relation to his termination from the firm and a loan agreement.
An arbitration agreement made Stephen Florio liable for $251,390.82 in compensatory damages, an additional $300,748.74 with post-award interest, and $49,357.92 of pre-award interest.
You can read the full arbitration award here.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
2020 FINRA Suspension
On August 20, 2020, Stephen Florio consented to the entry of findings that he allegedly exercised discretion in a client’s account without their written authorization from January 5, 2016, through July 10, 2018.
According to a Letter of Acceptance, Waiver & Consent (AWC), the client allegedly verbally authorized Stephen Florio to exercise discretion in their account. However, the AWC alleges that the client did not provide written authorization and that Raymond James & Associates had not approved the account for discretionary trading.
Further, Stephen Florio allegedly incorrectly indicated on two annual compliance questionnaires that he had not exercised discretion in any client’s account.
The AWC concluded that these allegations constituted violations of NASD Rules 2510(b) and FINRA Rule 2010.
FINRA Rule 3260
Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising their trading discretion in pre-approved discretionary accounts.
Sanctions
Stephen Florio consented to the following sanctions:
- $5,000 fine
- 10-business day suspension
His suspension ran from September 21 to October 2, 2020.
You can read a copy of the AWC here.
Termination from Raymond James & Associates
On August 12, 2018, Stephen Florio was fired from Raymond James & Associates after the firm allegedly interpreted certain emails as being related to an unapproved outside business activity.
Other Business Activities
Stephen Florio’s detailed BrokerCheck report currently lists one outside business activity: he is a board trustee for Downtown Harbor Church in Fort Lauderdale, Florida.
Background Information
Stephen Florio has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
He previously worked for the following firms:
- Cambridge Investment Research (CRD#:39543)
- Raymond James & Associates (CRD#:705)
- Morgan Stanley (CRD#:149777)
- Morgan Stanley & Company (CRD#:8209)
- Morgan Stanley DW (CRD#:7556)
- Banc of America Investment Services (CRD#:16361)
- Raymond James & Associates (CRD#:705)
- Barnett Investments (CRD#:14897)
- Barnett Bond Service (CRD#:20852)
- Dean Witter Reynolds (CRD#:7556)
Kurta Law Can Help
If you worked with Stephen Florio 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.
Loading...
Reload document 
Open in new tab