Stephen Liddell Allegedly Recommended an Unsuitable Investment Strategy

Stephen Liddell (CRD #: 1509609), a broker registered with UBS Financial Services, is the subject of an investor dispute alleging he recommended an unsuitable investment strategy. This disclosure appears in his BrokerCheck record, accessed on September 15, 2023. Keep reading for more details. 

On August 2, 2023, investors alleged that Stephen Liddell misrepresented an unsuitable investment strategy. The strategy allegedly involved the recommendation to invest in and hold an options overlay strategy. 

FINRA Rule 2111 – Unsuitable Options Trading

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s risk tolerance. Options trading strategies are often unsuitable because they are speculative and therefore likely to lose money. Depending on what type of options contract the investor buys, the investor is placing a bet that the price of a stock will either increase or decrease. 

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of material information, such as an investment’s potential returns, risks, or limitations.

Background Information 

Stephen Liddell 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 3 National Commodity Futures Examination 
• Series 7 General Securities Representative Examination 

He is a registered broker in 26 states and is a registered investment adviser in Colorado and Texas. 

Stephen Liddell has registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• Morgan Stanley & Co. (CRD #: 8209) 
• Morgan Stanley (CRD #: 7556) 

Kurta Law Can Help

If you worked with Stephen Liddell 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 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.