Stephen Hlibok is Facing a New Investor Dispute

Stephen Hlibok (CRD #: 1728900), a broker registered with Merrill Lynch, is the subject of investor disputes. This disclosure appears on his BrokerCheck record, accessed on December 20, 2025. Keep reading if you have questions regarding his alleged conduct.

Investor Allegations

On September 29, 2025, a customer alleged that Stephen Hlibok engaged in unauthorized trading between April 21, 2025, and April 25, 2025. The customer requested damages of $337,668.75. The claim was denied.

However, investors should be aware that firms can deny disputes without an external review. Investors can still recover damages following a denial by pursuing FINRA arbitration.

On July 8, 2003, a customer alleged that Stephen Hlibok made unsuitable investment recommendations. The customer sought $582,000.00, but the dispute was denied. 

Unauthorized Trading

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. Discretionary accounts must also be approved by the firm.

Unsuitable Investments

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investment will be held)
• Investing experience
• Tax status

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Stephen Hlibok has passed the following exams:

• SIE — Securities Industry Essentials Examination

• Series 7 General Securities Representative Examination

• Series 65 Uniform Investment Adviser Law Examination

• Series 63 Uniform Securities Agent State Law Examination

Stephen Hlibok is a registered broker in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

He is also registered as an investment adviser in Maryland and Texas.

Stephen Hlibok has registered with the following firm:

• Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691)

Kurta Law Can Help 

If you have worked with Stephen Hlibok and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.