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Steven Heck Allegedly Recommended Unsuitable Variable Annuity

Steven Heck (CRD #: 5304793), a broker registered with Equitable Advisors, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on March 7, 2025. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On January 3, 2025, an investor alleged that Steven Heck made an unsuitable recommendation of a variable annuity in 2020. They further alleged that Steven Heck made misrepresentations and failed to disclose fees associated with this investment.

This dispute was denied by the firm. However, investors can still seek out FINRA arbitration and potentially recover their losses even if a firm denies their dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles, which describe their investing experience, risk tolerance, tax status, and other characteristics.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds through FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of manipulative, deceptive, or otherwise fraudulent tactics to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

Background Information

Steven Heck has passed the following exams:

  • Securities Industry Essentials Examination – SIE
  • General Securities Representative Examination – Series 7
  • Uniform Combined State Law Examination – Series 66

Steven Heck is a registered broker and a registered investment adviser in six states.

Kurta Law Can Help

If you worked with Steven Heck 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 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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