FINRA Bars Steven Musielski for Allegedly Failing to Respond to FINRA Requests for Information
Steven Musielski (CRD #: 2128821), a broker formerly registered with Cambria Capital, was recently barred for allegedly failing to respond to FINRA requests for information, according to his Brokercheck Record, accessed on January 10, 2022.
On November 9, 2021, FINRA barred Steven Musielski. This bar stems from allegations that Steven Musielski refused to provide documents and information requested by FINRA in connection with an investigation into his sales practice activity.
The FINRA request sought to investigate Steven Musielski's alleged exercise of discretion without written authorization, excessive trading, and potentially unsuitable investments in leveraged and inverse-leveraged securities. Leveraged securities are particularly risky and do not suit most investors’ needs.
By refusing to produce the documents and information requested, Steven Musielski violated FINRA Rules 8210 and 2010.
FINRA Rule 8210 requires that registered brokers supply FINRA staff with all information and documents requested in the course of an investigation. A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to "observe high standards of commercial honor and just and equitable principles of trade."
You can read a copy of the AWC here.
On August 10, 2021, Steven Musielski voluntarily resigned from his position at Cambria Capital. This followed allegations that he had commented to Cambria's Compliance department that he had violated time-and-price discretion rules.
On April 13, 2009, an investor filed a dispute alleging that Steven Musielski recommended an unsuitable investment. The damage amount requested was $70,000.; however, the case was denied. Investors should know that they can still recover their losses following a denial.
What is Suitability?
An investment is only considered "suitable" if it meets the suitability criteria outlined in FINRA Rule 2111. A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment.
Steven Musielski 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 7 - General Securities Representative Examination
- Series 24 - General Securities Principal Examination
Besides Cambria Capital, Steven Musielski has also worked with the following firms:
- Spencer Edwards (CRD#:22067)
- J.P. Turner & Company (CRD#:43177)
- Gunnallen Financial (CRD#:17609)
- Waldron & Co., (CRD#:868)
- H.J. Meyers & Co., (CRD#:15609)
- Painewebber Incorporated (CRD#:8174)
- Lehman Brothers (CRD#:7506)
- Chatfield Dean & Co., (CRD#:14714)
Kurta Law Can Help
If you lost money after working with Steven Musielski, don't hesitate to get in touch with us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors 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.