Stephen Paul Liska (CRD #2010888) Has a Regulatory Disclosure on FINRA BrokerCheck

Stephen Paul Liska (CRD #2010888) is listed on FINRA BrokerCheck and has one regulatory disclosure. We reviewed his BrokerCheck report on March 6, 2026. The report reflects one final regulatory event. Liska is currently registered as an investment adviser representative. If you worked with Stephen Paul Liska and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Stephen Paul Liska’s FINRA BrokerCheck report reflects one regulatory disclosure. A summary of the disclosure is below:

On February 2, 2026, the Florida Office of Financial Regulation entered a final order against Stephen Paul Liska. Stephen Paul Liska’s FINRA BrokerCheck report states the Office found he rendered investment advice in and from Florida without being properly registered as an associated person of a federal covered adviser. The matter was resolved by order. BrokerCheck lists sanctions of a cease-and-desist and a $75,000 civil and administrative fine. The report also states Liska neither admitted nor denied the allegations but consented to the entry of findings.

Rule Summary #1: FINRA Rule 1210 (Registration Requirements)

FINRA Rule 1210 addresses registration requirements for covered securities functions. Registration issues can matter when a disclosure involves advice or securities-related work performed without the required registration status.

Rule Summary #2: FINRA Rule 3110 (Supervision)

FINRA Rule 3110 requires firms to maintain a supervisory system reasonably designed to achieve compliance with securities laws and regulations. When a disclosure involves registration problems, supervision and oversight often become part of the investor concern.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Stephen Paul Liska:

Is currently registered with Black Coral Financial Advisors, LLC as an investment adviser representative.

Has passed Series 7, Series 2, Series 65, and Series 63.

Was previously registered with firms that include Mercer Allied Company, L.P. and The Ayco Company, L.P.

Kurta Law Can Help

If you have worked with Stephen Paul Liska and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | Security Fraud

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker, adviser, or firm mishandled your account, an attorney can review the facts and explain possible next steps.