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Investors Allege Steven Hill Misrepresented Investments for Higher Commissions

Jul 26, 2023 Misrepresentation

Steven Hill (CRD #: 4606358), a broker registered with Wells Fargo Clearing Services, allegedly misrepresented unsuitable investments, according to his BrokerCheck record, accessed on July 19, 2023. If you have questions about his alleged conduct as a broker, keep reading.

Investor Disputes

On May 30, 2023, multiple investors alleged that Steven Hill misrepresented unsuitable investments in 2019 in order to generate higher commissions. This dispute is currently pending.

In a dispute filed on March 8, 2023, an investor alleged that Steven Hill failed to accurately represent the safety of certain investments from March 31, 2022, to March 7, 2023. This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an outside review. Investors may be able to recoup their losses after a denial by seeking out FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other fraudulent tactics to influence investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s potential returns, risks, or requirements.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine the information contained in an investor’s profile, such as their tax status, age, and risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Tax Liens

On November 6, 2016, and August 8, 2017, Steven Hill incurred tax liens totaling approximately $56,431.91.

Background Information

Steven Hill has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 – Futures Managed Funds Examination
  • Series 7 – General Securities Representative Examination

Steven Hill is a registered broker in California, Kansas, Nevada, and Texas. He is also a registered investment adviser in California and Texas.

He has also worked for the following firms:

  • Wells Fargo Investments (CRD#:10582)
  • WaMu Investments (CRD#:599)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
  • Morgan Stanley (CRD#:7556)

Kurta Law Can Help

If you worked with Steven Hill and you have concerns about your investments, please contact us today at 877-600-0098 or 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.