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Steven Horn Suspended by FINRA Following Alleged Misrepresentations

Nov 21, 2022 FINRA Suspension

Steven Horn (CRD #: 2579003), a broker formerly registered with Coastal Equities, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 6, 2022. If you have questions about his conduct as a broker, keep reading.

FINRA Suspension

On September 30, 2022, Steven Horn consented to the entry of findings that he allegedly made reckless misrepresentations in a loan application and loan agreement he submitted to the Small Business Administration (SBA) in July and August 2020 to obtain an Economic Injury Disaster Loan (EIDL).

According to a Letter of Acceptance, Waiver & Consent (AWC), Steven Horn allegedly submitted an application to the SBA for an EIDL without sufficiently reviewing the requirements or instructions to determine his eligibility. Steven Horn allegedly made the following reckless misrepresentations:

  • That he owned a sole proprietorship under the business name Steven Horn, using a tax ID number identical to his social security number.
  • That the revenues and costs associated with his work at Citigroup were those of a sole proprietorship.
  • That his personal email address was the primary address for his business.

Rather, the AWC alleges that Steven Horn did not have any outside business activities and only provided financial services in his capacity as a broker with Citigroup, and only used his Citigroup-issued email address to conduct these services. 

The SBA allegedly approved Steven Horn’s application on the basis of these misrepresentations. On August 8, 2020, Steven Horn allegedly signed the loan agreement, which contained an affirmation that the information in his application was correct, without reviewing the agreement. He allegedly received a $150,000 loan on August 11, 2020.

In early November 2020, following an investigation but prior to his resignation from Citigroup, Steven Horn allegedly repaid his loan in full, plus interest, to the SBA.

The AWC concludes that Steven Horn allegedly FINRA Rule 2010.

FINRA Rule 2010

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

Sanctions

Steven Horn consented to the following sanctions:

  • $10,000 fine
  • 7-month suspension

His suspension began on October 17, 2022, and will end on May 16, 2023.

You can read a copy of the AWC here.

Resignation from Citigroup Global Markets

On November 10, 2020, Steven Horn resigned from Citigroup Global Markets after an internal investigation into whether he maintained an undisclosed outside business following his alleged application and receipt of a U.S. Small Business Association loan.

Background Information

Steven Horn has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 24 – General Securities Principal Examination

In the past, he has worked for the following firms:

  • Coastal Equities (CRD#:23769)
  • Citigroup Global Markets (CRD#:7059)
  • Santander Securities (CRD#:41791)
  • MetLife Securities (CRD#:14251)
  • RNR Securities (CRD#:43689)
  • H.D. Vest Investment Services (CRD#:13686)
  • Whitehall Wellington Investments (CRD#:38022)
  • HD Brous & Company (CRD#:22062)
  • AIBC Investment Services Corporation (CRD#:16397)
  • Foster Jeffries Securities (CRD#:30144)
  • Gaines, Berland (CRD#:14623)
  • Alex Moore & Company (CRD#:28062)
  • First Cambridge Securities Corporation (CRD#:21846)
  • First United Equities Corporation (CRD#:36398)
  • Investors Associates (CRD#:958)

Kurta Law Can Help

If you worked with Steven Horn 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. 

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