Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Charles Thomas Stevens from the securities industry for failing to appear and provide on-the-record testimony.
On December 1, 2020, FINRA’s Department of Enforcement filed a three-cause complaint against Mr. Stevens. The first cause of action charged that Mr. Stevens willfully failed to disclose a judgment and three tax liens on his Uniform Application for Securities Industry Registration or Transfer (Form U4). The second cause of action alleged that Mr. Stevens falsely represented to his firm that he did not have any unreported liens. The third cause of action alleged that Mr. Stevens failed twice to appear and testify at an on-the-record interview.
Mr. Stevens then failed to appear at two-pear hearing conferences scheduled by the hearing officer. FINRA’s Department of Enforcement then requested a default decision, which the hearing officer granted.
Mr. Stevens has been associated with the following broker-dealers:
- D.H. Hill Securities, LLLP in St. Augustine, FL, from June 2006 to February 2020.
- NYLife Securities in St. Augustine, FL, from July 1987 to May 2006.
- Eagle Strategies Corp, from February 1995 to December 1996.
As discussed more fully below, Mr. Stevens has also been the subject of numerous customer disputes that have resulted in monetary settlements to customers.
If you have suffered financial losses investing with Mr. Stevens or suspect that Mr. Stevens did not have your best interest in mind when recommending an investment, account transactions, or annuities, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Cetera Advisor Networks LLC and Summit Brokerage Services, Inc.
Financial Advisor Charles Thomas Stevens (CRD No. 1698058)
Mr. Stevens has 32 years of experience in the securities industry and has been associated with three brokerage firms.
According to his BrokerCheck report, Mr. Stevens has recently been the subject of three customer complaints concerning investment recommendations that he made related to real estate investment trusts (“REITs”), Business Development Companies (“BDCs”), and variable annuities.
- Customer Dispute (July 2019): In July 2019, a customer filed a securities arbitration complaint seeking $100,000 in damages and alleging that Mr. Stevens made an unsuitable recommendation related to REITs. The customer asserted the following causes of action: common law fraud, breach of fiduciary duty, negligence, breach of contract. The customer dispute is still pending.
- Customer Dispute (December 2017): In December 2017, a customer filed a securities arbitration complaint seeking $150,000 in damages and alleging that Mr. Stevens made an unsuitable recommendation related to REITs and BDCs. The customer asserted the following causes of action: unsuitable recommendations, breach of fiduciary duty, negligence, failure to supervise, and breach of contract. The dispute was settled by D.H. Hill Securities, LLLP, for $30,000.
- Customer Dispute (August 2017): In August 2017, a customer filed a securities arbitration complaint alleging that Mr. Stevens made an unsuitable recommendation related to REITs, BDCs, and a variable annuity. The customer asserted the following causes of action: unsuitable recommendations, breach of fiduciary duty, negligence, failure to supervise, and breach of contract. The dispute was settled by D.H. Hill Securities, LLLP, for $35,000.
D.H. Hill Securities, LLLP – Supervisory Duties
Brokerage firms like D.H. Hill Securities, LLLP must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Charles Stevens or D.H. Hill Securities and either sustained financial losses or suspect inappropriate activity in your investment or retirement accounts, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.