Victim of Financial Fraud? Call Now
Home » Broker Blog » Stephen Smith Allegedly Made Unsuitable Investment Recommendations

Stephen Smith Allegedly Made Unsuitable Investment Recommendations

Stephen Smith (CRD #: 2632131), a broker registered with Cetera Investment Services, allegedly recommended unsuitable investments, according to his BrokerCheck record, accessed on October 30, 2024. Investors may have also worked with him through Cetera Investment Adviser. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On August 22, 2024, an investor alleged that Stephen Smith gave unsuitable investment recommendations that resulted in losses. The client seeks $200,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes their risk tolerance, tax status, investing experience, and other characteristics.

Investors who believe their losses are the result of unsuitable investment recommendations may be able to recover their funds by seeking out FINRA arbitration.

Background Information

Stephen Smith 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 7 – General Securities Representative Examination

Stephen Smith is a registered broker in ten states and a registered investment adviser in Florida and Texas.

He has also worked for the following firms:

  • BBVA Wealth Solutions (CRD#:110476)
  • BBVA Securities (CRD#:27060)
  • Allstate Financial Advisors (CRD#:109524)
  • Allstate Financial Services (CRD#:18272)
  • Cetera Investment Advisers (CRD#:105644)
  • Cetera Investment Services (CRD#:15340)
  • BB&T Investment Services (CRD#:33856)
  • Raymond James Financial Services Advisors (CRD#:149018)
  • Raymond James Financial Services (CRD#:6694)
  • Prudential Securities (CRD#:7471)

Kurta Law Can Help

If you worked with Stephen Smith 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. 

Recent Results

$16.75M

Million

Recovery for ARC NYC REIT Investors
Learn More
Kurta Law recovered millions of dollars for investors who purchased the speculative and unsuitable ARC NYC REIT. The arbitration settled for substantially more than the investor losses.

Recent Results

$9.3M

Million

Investors Receive Award for More than their Losses
Learn More
Jonathan Kurta was able to recover over $9.3 million for a group of defrauded investors. The claims were based upon the brokerage firm’s failure to supervise a stockbroker who stole client funds and then prepared and disseminated fake account statements for decades.

Recent Results

$7.1M

Million

Elderly Victims Recover After a Decade of Fraud
Learn More
Jonathan Kurta represented a group of elderly women who were the victims of a financial crime perpetrated by a rogue broker. The broker utilized forged documents to steal funds from the clients’ accounts over a decade.

Recent Results

$4.2M

Million

Investor vs. Royal Alliance
Learn More
Jonathan Kurta represented an investor who alleged that Royal Alliance Associates had not fulfilled their supervisory duties. This allegedly allowed brokers to engage in conversion and RICO violations. Read a copy of the award here.

Recent Results

$1M

Million

Utah Firm Executed Unnecessary Transaction
Learn More
A FINRA panel sided with Kurta Law and found that a Utah brokerage firm executed unnecessary transactions in order to generate more commissions. Read a copy of the award here.

Recent Results

$2M

Million

Arizona Investors Options Trading Scam
Learn More
Kurta Law negotiated a $2 million settlement on behalf of Arizona investors who were defrauded in an options trading scam.

Categories