Stifel, Nicolaus & Co. – Stephen Hurtuk – Boardman, Ohio
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Ohio financial advisor Stephen Hurtuk from the securities industry for failure to provide testimony in an investigation.
On June 27, 2017, FINRA staff reportedly sent a request to Hurtuk for on-the-record testimony in connection with FINRA’s investigation into potentially unsuitable recommendations by Hurtuk to eight customers, between May 2015 and September 2016.
As stated in his telephone call with FINRA staff on July 16, and by this agreement, Hurtuk acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time. In light of his refusal, Hurtuk has been barred from associating with any FINRA member.
According to Hurtuk’s FINRA BrokerCheck report, he was registered with Stifel, Nicolaus & Co. in Boardman, Ohio from October 2007 until October 2017. He has 7 customer complaints listed on his broker report. Allegations include unsuitable recommendations, breach of fiduciary duty, and over concentration in speculative securities, among others.
Failure to Supervise
The White Law Group is investigating potential securities fraud claims involving Stephen Hurtuk and the liability his former employer, Stifel, Nicolaus & Co. may have for failure to properly supervise him.
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to supervise the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Stephen Hurtuk, the securities attorneys at The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.