Dudley Stephens Barred As Securities Broker

Broker Dudley Stephens Sanctioned By FINRA, Involved In An Investor Dispute

Soreide Law Group is reviewing investor complaints concerning securities broker Dudley Franklin Stephens “Stephen Franklin Dudley” (CRD#: 4119268, New York, New York), as disclosed on FINRA BrokerCheck. It appears that Stephens worked for Coastal Equities (2016 to 2018) and Prospera Financial Services (2014 to 2016). He also worked for Wells Fargo (2013 to 2014) and HSBC Securities (2011 to 2013). Here’s more about the allegations against him as reported on BrokerCheck. However, be mindful that the securities broker denies alleged improper sales practices.

FINRA Sanctions Dudley Stephens

Recently, the regulator sanctioned Dudley Stephens on November 18, 2021. FINRA contends that the securities broker failed to comply with the agreement or arbitration award obtained by Coastal Equities.

FINRA Bars Stephens For Not Responding To Request For Information

Notably, FINRA barred Stephens as a securities broker effective December 7, 2018. The regulator typically bars a securities broker who fails to comply with a request for information. In this case, Stephens did not cooperate with its request.

Investors Allege Unauthorized Trading By Dudley Stephens At Coastal Equities, Prospera Financial Services

Also, in February 2019, a client complained about Dudley Stephens’s sales practices at Coastal Equities and Prospera Financial Services. Specifically, causes of action against the securities firm include unauthorized trading, excessive trading, and unsuitable recommendations. Supposedly, Stephens’s actions led to damages in connection with the client’s investments in stock, real estate securities, and oil and gas investments. It appears that the client received $122,500 in damages from the securities firm in settlement on December 18, 2019.

Coastal Equities Client Alleges Unauthorized Trading

Notably, FINRA BrokerCheck shows that a Coastal Equities client objected to Dudley Stephens’s sales practices by bringing a dispute dated December 7, 2018. Specifically, the client alleges unauthorized trading. Supposedly, Stephens or the securities firm caused the client to experience damages by investing in common and preferred stock. Because of the alleged sales practice violations, the firm settled with the client for $41,250 on February 21, 2019.

Coastal Equities Discharges Dudley Stephens

Evidently, the firm terminated Dudley Stephens as a securities broker on July 20, 2018. At the time of his discharge, Stephens was reviewed for potentially having suspicious letters of authorization in connection with third-party wires.

Losses Through Stephens?

Did you realize losses because of securities broker Dudley Stephens? If so, call Soreide Law Group at (888) 760-6552 to discuss your situation with a skilled securities lawyer. Soreide Law Group handles investor dispute cases by a contingency fee arrangement and advances costs. The firm has recovered considerable compensation for investors in the US who have sustained losses from their financial advisors or securities brokers. Please note that Stephens denies all accusations of his sales practice violations.