Pennsylvania Fines Steven Clott $20,000

Steven Clott (CRD #: 1439761), a broker formerly registered with H.D. Vest Investment Services, was recently involved in a state-level regulatory action, according to his BrokerCheck record, accessed on March 23, 2023. Keep reading if you have questions about his alleged conduct as a broker.

Pennsylvania Regulatory Action

On February 15, 2023, the Commonwealth of Pennsylvania entered a consent agreement with Steven Clott alleging that he failed to:

• Make and keep accurate and current written information about investment advisory clients that was the basis for his recommendations
• Ensure that the material information in his Uniform Application For Investment Adviser Registration (Form ADV) and exhibits remained accurate and up-to-date
• File an amendment to his Form ADV with the Pennsylvania Department of Banking and Securities within 30 days of an event requiring the amendment

The Department of Banking and Securities alleged that this misconduct provided basis to take regulatory action against Steven Clott under Section 305(A)(V) of the Pennsylvania Securities Act of 1972.

Steven Clott consented to a fine of $20,000.

Pennsylvania Securities Act of 1972

Section 305(A)(V) of the Pennsylvania Securities Act of 1972 allows the Pennsylvania Department of Banking and Securities to deny, suspend, revoke, or otherwise place conditions on the registration of brokers and investment advisers registered in the state who willfully violate federal securities laws.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

What are blue sky laws?

Blue sky laws like the Pennsylvania Securities Act are state-level regulations that provide investors with an additional layer of protection against securities fraud. They generally also define what investments must register as securities in the state.

Background Information

Steven Clott has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• Series 7 – General Securities Representative Examination
• Series 22 – Direct Participation Programs Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

He previously worked for H.D. Vest Investment Services (CRD#:13686).

Kurta Law Can Help

If you worked with Steven Clott 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.