Steven Brakman Facing FINRA Suspension and $10,000 Fine
Steven Brakman (CRD #: 3070076), a previously registered broker with Charles Schwab & Co., is the subject of a FINRA suspension. This disclosure appears on his BrokerCheck record, accessed on September 28, 2023. Keep reading if you have concerns regarding his alleged conduct as a broker.
On July 20, 2023, Steven Brakman entered into an Acceptance, Waiver, and Consent agreement in which he consented to the findings that he avoided losing approximately $43,000 in service compensation by making false entries in his member firm’s account management system. The AWC reports that Steven Brakeman earned monthly service compensation based on the total assets held in accounts linked to assigned households. He allegedly delinked accounts from assigned households with the false justification that the households had experienced a “divorce situation.” When customers transferred funds out of these deinked accounts, Brakman allegedly did not experience a negative impact on his monthly service compensation.
Steven Brakman consented to the findings that by making false entries into his broker’s management system, he violated FINRA Rule 2010.
As part of the terms of the AWC, Steven Brakman further consented to a six-month suspension and a $10,000 fine. You can read a copy of the AWC here.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Background Information
Steven Brakman has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
During his 23 years of experience, he has registered with Charles Schwab & Co. (CRD #: 5393) and Fidelity Brokerage Services (CRD #: 7784),
Kurta Law Can Help
If you worked with Steven Brakman and 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.
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