FINRA barred former Stifel, Nicolaus & Company broker Stephen Thomas Hurtuk for failing to cooperate with an investigation into allegations that he made unsuitable recommendations to customers in 2015 and 2016. The bar follows a handful of disputes alleging Hurtuk breached his fiduciary duty to his clients by transacting unsuitable products in their accounts.
The disputes filed against Hurtuk from 2016 to June 2018 pertain to several securities products, including equity listed common & preferred stock and direct investments such as DPP and LP interests, and over $300,000 thus far has been paid to settle those complaints.
For instance, one customer who since reached settlement alleged that Hurtuk executed unsuitable trades in her account, another wrote that her conservative income investment objective was snubbed in favor of an unsuitable moderately aggressive risk tolerance and growth strategy, while a third alleged that Hurtuk concentrated the client's accounts into two securities, resulting in losses.
The largest settlement, for $145,000, alleged that Hurtuk failed to diversify his client's portfolio and invested in speculative equities, resulting in losses.
If you have invested with Stephen Thomas Hurtuk or with any broker or financial adviser who has unsuitably recommended speculative securities, or who has over-concentrated your account into products that have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.