Steven Louis Delsesto (CRD #1228938) Has Customer Dispute Disclosures on FINRA BrokerCheck
Steven Louis Delsesto (CRD #1228938) was previously registered as a broker and has customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on April 11, 2026. It reflects two customer dispute disclosures. If you invested with Steven Delsesto and have concerns, keep reading.
BrokerCheck link: BrokerCheck
BrokerCheck report: BrokerCheck Report (PDF)
Investor Disputes / Customer Complaints
Steven Delsesto’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:
On February 17, 2026, a customer alleged Steven Delsesto defrauded the client’s accounts to enrich himself. Steven Delsesto’s FINRA BrokerCheck report lists the time frame as January 3, 2005 to December 30, 2005. It says the customer further alleged forgery, unauthorized purchases, and commingling. The matter is listed as pending.
On September 20, 2006, a customer alleged Steven Delsesto made unauthorized purchases and commingled funds from family accounts into his own personal accounts. Steven Delsesto’s FINRA BrokerCheck report lists alleged damages of $181,228. The report says the complaint was withdrawn on May 15, 2008, and Steven Delsesto’s statement says the client withdrew it.
Rule Summary #1: FINRA Rule 3260 (Discretionary Accounts)
FINRA Rule 3260 limits when a broker may exercise discretion in a customer account. Allegations of unauthorized purchases often raise questions about whether the trades were approved and properly supervised.
Rule Summary #2: FINRA Rule 2150 (Improper Use of Customers’ Securities or Funds)
FINRA Rule 2150 prohibits improper use of a customer’s securities or funds. Allegations of commingling or misuse of account assets can implicate this rule.
Why This Matters to Investors (Regulation Best Interest)
Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.
Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.
Reg BI has four key obligations:
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Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.
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Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.
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Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.
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Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.
Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.
Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.
Background Information (from BrokerCheck)
Based on his FINRA BrokerCheck report, Steven Delsesto:
Is not currently registered as a broker.
Has passed the Securities Industry Essentials (SIE) exam and Series 7. He has also passed Series 65 and Series 63.
Was previously registered with UBS Financial Services Inc. and Kidder, Peabody & Co. Incorporated.
Kurta Law Can Help
If you have worked with Steven Delsesto and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.
Helpful resources: Unauthorized Trading | Securities Attorney
For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.