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Investor Alleges Steven Busto Executed Unauthorized Trades

Nov 21, 2022 Unauthorized Trading

Steven Busto (CRD #: 2522780), a broker registered with PHX Financial, allegedly executed unauthorized trades, according to his BrokerCheck record, accessed on November 6, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Dispute

On September 9, 2022, an investor alleged that Steven Busto executed unauthorized trades from June 26, 2021, through July 23, 2021. The client seeks $83,045 in this pending dispute.

FINRA Rule 3260

FINRA Rule 3260 requires brokers to receive written authorization from their clients and firm before engaging in discretionary trading. Accounts must also be approved by the firm as discretionary accounts before this trading can occur.

Tax Liens

From 2018-2020, Steven Busto was subject to a collective $53,475.82 in tax liens.

Bankruptcy

On October 4, 2016, Steven Busto discharged a bankruptcy.

Background Information

Steven Busto has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • 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
  • Series 4 – Registered Options Principal Examination
  • Series 24 – General Securities Principal Examination

Steven Busto is a registered broker in 31 states.

He has also worked for the following firms:

  • Royal Alliance Associates (CRD#:23131)
  • FMSI Advisers (CRD#:21786)
  • First Midwest Securities (CRD#:21786)
  • Emmett A Larkin Company (CRD#:6625)
  • iTradedirect.com Corporation (CRD#:18281)
  • GunnAllen Financial (CRD#:17609)
  • Seaboard Securities (CRD#:755)
  • Gaines, Berland (CRD#:14623)

Kurta Law Can Help

If you worked with Steven Busto 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.