Brian Stephan Named in FINRA Complaint Alleging Unsuitable Recommendations to Elderly Customer

Brian Stephan

Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on October 26, 2018 indicate that Ohio-based American Wealth Management broker Brian Stephan has been named in a pending FINRA complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Stephan (CRD# 4222796).

Brian Stephan has spent 18 years in the securities industry and has been registered with American Wealth Management in Xenia, Ohio since December 2017. Previous registrations include Commonwealth Financial Network in Xenia, Ohio (2014-2017); LPL Financial in Xenia, Ohio (2003-2014); and Edward Jones in St. Louis, Missouri (2000-2003). He has passed four securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 31, 2000; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 7 (General Securities Representative Examination), which he obtained on August 28, 2000; and Series 24 (General Securities Principal Examination), which he obtained on April 14, 2005. He is a registered broker and investment adviser with 21 US states and territories: Alabama, Arizona, California, Colorado, Florida, Georgia, Indiana, Kansas, Kentucky, Michigan, Minnesota, Nebraska, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington.

According to his BrokerCheck report, Brian Stephan has received one denied customer complaint and was recently named in a pending FINRA complaint.

In August 2018 he was named respondent in a FINRA complaint in connection to to allegations he recommended and was responsible for the execution of unsuitable investments for a customer who was 88 years old. According to FINRA’s complaint, Mr. Stephan recommended the client invest in mutual fund Class A shares in 20 mutual fund families, a recommendation FINRA alleges was not suitable “because the customer would have been able to achieve a discount on applicable sales charges by aggregating her mutual fund purchases into fewer fund families.” FINRA also alleges that on ten instances, Mr. Stephan recommended a purchase that was ‚Äúrelatively slightly less less than the level required” for the customer to receive a sales charge discount, in turn resulting in the customer incurring “excessive sales charges” and increased commissions for Mr. Stephan without any reasonable basis. FINRA also alleges that he provided “false information” on mutual fund exchange forms, “erroneously stating that the exchanges were done because the customer was unhappy with the performance of the original products,” resulting in his firm’s maintenance of inaccurate books and records. The complaint remains pending.

In 2014 a customer’s power of attorney alleged Brian Stephan, while employed at LPL Financial, recommended unsuitable mutual fund investments and charged excessive commissions. The customer sought unspecified damages in the complaint, which was denied.

If you or someone you know has lost money investing with Brian Stephan, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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