Steven Barnett Suspended from FINRA

Steven Barnett (CRD #: 1143510), a former broker, was temporarily suspended by FINRA, according to his BrokerCheck record, accessed on May 8, 2022. Read on if you have questions about Steven Barnett’s conduct as a broker.

Suspension by FINRA

On March 16, 2022, Steven Barnett was suspended from FINRA following allegations he mislabelled at least 74 mutual fund order tickets on trades he solicited as being unsolicited.

FINRA filings allege Steven Barnett mismarked the tickets when he made investment recommendations related to clients’ reallocations of their mutual fund portfolios between March 22, 2018, and May 19, 2020.

According to the Acceptance, Waiver, and Consent (AWC) agreement, these allegations violate FINRA Rules 4511 and 2010.

FINRA Rules 4511 and 2010

FINRA Rule 4511 requires firms to maintain accurate books and records. Any violation of Rule 4511 constitutes an automatic violation of Rule 2010, which requires brokers to act ethically and follow a high standard of commercial honor.

Sanctions

Steven Barnett consented to the following sanctions:

• $5,000 fine
• Thirty calendar day suspension from FINRA

His suspension began on March 21, 2022, and ended on April 19, 2022.

You can read the full AWC filing here.

Investor Dispute

In a dispute filed on April 1, 2016, an investor alleges that Steven Barnett deceived them in the course of selling a limited partnership. The dispute was settled by the firm.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other unethical means of influencing investors.

Tax Lien

Steven Barnett was penalized with a $34,802.19 tax lien in 2015.

Background Information

Steven Barnett has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He has also worked for the following firms:

• LPL Financial (CRD#:6413)
• Invest Financial (CRD#:12984)
• Investors Capital (CRD#:30613)
• J.W. Cole Financial (CRD#:124583)
• Sigma Financial (CRD#:14303)
• Keogler, Morgan & Company (CRD#:16546)
• Royal Alliance Associates (CRD#:23131)
• Securities Research (CRD#:6516)
• Shearson Lehman Hutton (CRD#:7506)
• The Robinson-Humphrey Company (CRD#:723)
• F.N. Wolf & Company (CRD#:13051)
• Sherwood Capital (CRD#:10474)
• First Jersey Securities (CRD#:6621)

Kurta Law Can Help

If you worked with Steven Barnett 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.