Steven Brettler Subject to Three-Month Suspension by FINRA
Steven Brettler (CRD #: 4367351), a broker registered with LPL Financial, has been suspended by FINRA, according to his BrokerCheck record, accessed on February 28, 2023. Investors may have also engaged his services through Gladstone Wealth Partners. If you want to know more about his alleged conduct as a broker, read on.
FINRA Suspension
On January 31, 2023, Steven Brettler consented to the entry of findings that he allegedly caused Morgan Stanley to maintain inaccurate books and records by falsifying the representative code for trades placed in the firm’s internal order entry system from January 2014 through January 2018.
According to a Letter of Acceptance, Waiver & Consent (AWC), Steven Brettler allegedly entered into an agreement with the estate of a retired broker in January 2013. In this agreement, he allegedly agreed to service certain client accounts, including by executing trades, using a joint representative code shared with the estate. During the relevant period, Steven Brettler allegedly placed 444 trades in accounts governed by the agreement using his personal representative code. This allegedly resulted in him receiving higher commissions than he was entitled to under the agreement.
The AWC concludes that Steven Brettler’s alleged falsification of representative codes violated FINRA Rules 4511 and 2010.
FINRA Rule 4511
FINRA Rule 4511 requires firms to maintain accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Steven Brettler consented to the following sanctions:
- $5,000 fine
- 3-month suspension
His suspension began on February 21, 2023, and will end on May 20, 2023.
You can read the full AWC here.
Termination from Morgan Stanley Smith Barney
On November 10, 2020, Steven Brettler was fired from Morgan Stanley following allegations that he submitted transactions under production numbers that did not align with an agreement made with another broker, resulting in a shortfall of revenue credited to that other broker.
Background Information
Steven Brettler has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 31 – Futures Managed Funds Examination
- Series 7 – General Securities Representative Examination
- Series 10 – General Securities Sales Supervisor – General Module Examination
- Series 9 – General Securities Sales Supervisor – Options Module Examination
Steven Brettler is a registered broker in 14 states and a registered investment adviser in Delaware, New Hampshire, New Jersey, and Pennsylvania.
He has also worked for the following firms:
- Morgan Stanley (CRD#:149777)
- Morgan Stanley & Company (CRD#:8209)
- Morgan Stanley (CRD#:7556)
Kurta Law Can Help
If you worked with Steven Brettler 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.
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