Investors reportedly complained about securities broker Stephen Berrocal (also known as Steve Berrocal) [CRD: 3071400, Coral Gables, Florida], based on disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Berrocal joined Truist Investment Services Inc. on August 2, 2013, and Truist Advisory Services Inc. on August 24, 2016. See the following information to find out more about the client complaints and settlements involving Stephen Berrocal.
Evidently, a client of Truist Investment Services Inc. contested Stephen Berrocal’s sales practices by filing FINRA Arbitration No. 24-00925. Allegedly, Berrocal made misrepresentations and made unsuitable recommendations. It appears that Berrocal caused the client to sustain damages connected to fixed annuities. Consequently, Truist Investment Services Inc. opted to settle the matter on June 7, 2025, by compensating the client in the amount of $236,500.00.
In addition, a SunTrust Investment Services Inc. client filed FINRA Arbitration No. 22-02325 about Stephen Berrocal. Supposedly, Berrocal made unsuitable recommendations relating to guaranteed investment contracts (GICs). Therefore, on March 14, 2023, SunTrust Investment Services Inc. settled this matter by paying the client $500,000.00 in damages.
Additionally, a Truist Investment Services Inc. client filed FINRA Arbitration No. 22-02030 about Stephen Berrocal. Allegedly, Berrocal gave unsuitable advice. Because of this, the client allegedly incurred damages linked to GICs. Consequently, on March 9, 2023, Truist Investment Services Inc. settled this matter by paying the client $35,000.00 in damages.
Also, a client of SunTrust Investment Services Inc. disputed Stephen Berrocal’s sales practices in FINRA Arbitration No. 21-02524. Mainly, the client alleged that Berrocal made unsuitable recommendations about GICs. Therefore, SunTrust Investment Services Inc. opted to settle the matter on February 23, 2023, by paying the investor $290,000.00.
Particularly, a SunTrust Investment Services Inc. client filed FINRA Arbitration No. 21-01026 about Stephen Berrocal. Primarily, the client alleged unsuitable recommendations in NorthStar GIC. Consequently, on April 4, 2022, SunTrust Investment Services Inc. settled this matter by paying the client $155,000 in damages.
Stephen Berrocal disclosed unsuitable recommendations allegations by Truist Investment Services Inc. client. Evidently, a client of Truist Investment Services Inc. contested Stephen Berrocal’s sales practices by filing FINRA Arbitration No. 21-00690. Allegedly, Berrocal gave unsuitable advice about GICs. Therefore, Truist Investment Services Inc. opted to settle the matter on July 26, 2022, by paying the client $225,000.
Did you experience losses because of Stephen Berrocal? If so, reach out to Soreide Law Group at (888) 760-6552 or online and talk with a securities attorney concerning a potential recovery. For years, Soreide Law Group has helped to recoup losses for investors throughout the USA. Also, the firm handles cases on a contingency fee basis and advances the costs. Berrocal and brokerage firms Berrocal worked for deny accusations of sales practice violations.
Cowen and Company, LLC (CRD 7616), now part of TD Securities (USA) LLC, is a brokerage firm based in New York, New York. FINRA censured and fined the firm a total of $80,000, of which $40,000 is payable to FINRA, according to an AWC issued August 19, 2026.
Webull Financial LLC (CRD 289063) is a brokerage firm based in New York, New York. FINRA censured and fined the firm $115,000 after finding it maintained inaccurate books and records of options order origin codes, according to an AWC issued August 17, 2026.
Marc Miller (CRD 1133692) is a registered representative with Western International Securities. According to BrokerCheck, a customer filed a claim against him on March 3, 2025 that remains pending.
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