Steven Miller Allegedly Misrepresented and Omitted Information About Investments

Steven Miller (CRD #: 2953887), a broker registered with UBS Financial Services, allegedly misrepresented and omitted information, according to his BrokerCheck record, accessed on November 13, 2022. Read on if you want to know more about his conduct as a broker.

Investor Disputes

On August 29, 2022, an investor alleged Steven Miller failed to disclose the illiquidity of the investments in her hedge fund and real estate investment trust (REIT). The client also alleged that Steven Miller informed her that her investments and structured products were “safe” and not as risky as the stock they were tied to. This dispute was denied by the firm.

In a dispute filed on August 13, 2018, an investor alleged that Steven Miller recommended an unsuitable fund, misrepresented that the client would be able to liquidate the fund by the quarter marker, and charged higher fees than was disclosed to the client. This dispute was denied by the firm.

Denied Disputes

Investors should be aware that firms can deny disputes without an external review. Investors may be able to recover their losses by pursuing FINRA arbitration following a denial.

FINRA Rule 2020

The misrepresentation and omission of information related to investments violate FINRA Rule 2020, which bans the use of manipulative, deceptive, and otherwise unethical tactics to influence investors’ decisions.

FINRA Rule 2111

FINRA Rule 2111 requires that brokers tailor their investment recommendations to fit the client’s profile. An investor’s profile describes their risk tolerance, tax status, and other characteristics. 

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

What is a real estate investment trust?

A real estate investment trust (REIT) is an entity that owns and manages a portfolio of income-producing real estate properties. Since some REITs intend for investors to keep their money in the investment for an extended period, their illiquidity may make them unsuitable for investors.

Background Information

Steven Miller 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 Miller is a registered broker in 42 states and the District of Columbia. He is also a registered investment adviser in California, Nevada, and Texas.

He has also worked for the following firms:

• Morgan Stanley Smith Barney (CRD#:149777)
• Morgan Stanley & Company (CRD#:8209)
• Morgan Stanley DW (CRD#:7556)

Kurta Law Can Help

If you worked with Steven Miller 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.