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Stephen Whitman Named in FINRA Complaint Alleging Failure to Provide Information

May 20, 2022 Regulatory Action

Stephen Whitman (CRD #: 2230369), a former broker, is named in an ongoing FINRA investigation, according to his BrokerCheck record, accessed on May 15, 2022. If you have questions about Stephen Whitman’s conduct as a broker, read on.

FINRA Complaint

In a FINRA complaint filed on March 8, 2022, Stephen Whitman is alleged to have failed to provide information in accordance with a FINRA investigation into whether he accepted a loan from a customer and failed to fully repay it. This regulatory action is currently pending.

According to the complaint, failure to comply with requests for information violates FINRA Rules 8210 and 2010.

You can read the full FINRA complaint here.

FINRA Rules 8210 and 2010

FINRA Rule 8210 requires FINRA members to promptly comply with all requests for information, documents, or testimony in relation to FINRA investigations.

Violations of Rule 8210 are frequently also violations of FINRA Rule 2010, which holds brokers to high standards of professional behavior.

Investors are also not allowed to borrow from investors unless they comply with FINRA Rule 3240, which states that brokers may only borrow money from an investor if their firm allows these types of loans, or if the loan fits a specified criteria. 

Discharge from Oppenheimer & Company

On April 26, 2021, Stephen Whitman was fired from Oppenheimer & Company following a customer complaint alleging he took a loan from a client.

This complaint was later amended to clarify that the client had an agreement with Stephen Whitman where the client provided funds for a private investment away from the firm and that the client had only received back a small percentage of those funds back.

Background Information

Stephen Whitman 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 31 - Futures Managed Funds Examination
  • Series 7 - General Securities Representative Examination

He has also worked for the following firms:

  • Oppenheimer & Company (CRD#:249)
  • Prudential Securities (CRD#:7471)
  • Edward Jones (CRD#:250)
  • American Express Financial Advisors (CRD#:6363)
  • IDS Life Insurance Company (CRD#:6321)

Kurta Law Can Help

If you worked with Stephen Whitman 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.