Dudley Stephens – Coastal Equities – New York, NY
According to publicly available FINRA records, former financial advisor Dudley Stephens has disclosed a pending customer complaint on February 20, 2019. The customer(s) allege that “Stephens’ conduct included making unauthorized trades, trading their accounts excessively and recommending unsuitable investments.” The damage amount requested is $500,000.
According to Stephens’ FINRA BrokerCheck Report, he has been registered with 16 firms during his 17 years working in the securities industry. FINRA reportedly barred Stephens after his employer Coastal Equities discharged him in July 2018 for “suspicious letters of authorization concerning third party wires.” Stephens has 4 customer complaints listed on his broker report.
Investigating Potential Lawsuits
The White Law Group is investigating potential securities fraud claims involving the liability that Stephens’ former employers 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 through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered losses investing with Dudley Stephens and Coastal Equities, the securities attorneys of The White Law Group may be able to help you. 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, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.